Still, would it be so bad?
The original purpose for html and www was to improve sharing of science papers. I can pretty easily imagine what the world would have to look like for all science papers to be self published and shared globally.
One possible alternative that seems easily viable would be to replace the network of independent publishers with a MediaWiki site that only allows posts from scientists. That could possibly also have a bot running around marking all articles with a peer review status. Talk pages would also make a great place to conduct such peer reviews.