All that just to make the point that the value proposition is still very much there, though I'll agree publishers could do more to make this apparent.
All that just to make the point that the value proposition is still very much there, though I'll agree publishers could do more to make this apparent.
You could argue that publishers only ever needed reviewers - and all the administration baggage that you mention that comes with it - because they had to choose what to compile into each paper issue that would be mailed to subscribers. If we remove the concept of "issues" and just have everyone self-publish on arXiv, a lot of the value you mention regarding journals is no longer needed.
Of course, everyone publishing on arXiv has downsides. It's no longer easy to just read Nature/Science/Physical Review Letters/etc. to find the best research in the field - some other mechanism will be needed to show scientists the best papers without them spending huge portions of their time reading - but I am sure we will find solutions to these problems in time. In fact, with some of my astronomer colleagues it is also pretty normal for them to spend an hour each morning skimming through 10 or so new papers posted to the arXiv.
Solutions have been found -- overlay journals:
The editors look at the papers and are the first level of rejections. The ones they think are decent they send to people they think would be good at reviewing the content. The reviews come back (or not, and they send the paper to someone else to review), the editor reads the reviews and, if the reviewer think the paper should be published, the editor sends the reviews to the author for the author to make changes to the paper as needed. The author returns the paper with the edits and explanations for why some suggestions from the reviewer were not followed. The editor now usually accepts the paper for publication and hands off the author to a typesetter that will help in getting the Word doc or TeX formatted paper into the style that the journal wants. This last person is paid by the journal, but in no way needs a PhD in the field or much knowledge of the material he/she is reading.