I also don't believe that the current conference / journal system for publication of results works especially well. There's a well-documented bias against the publication of negative results. It encourages authors to "save up" interesting work for publication when pieces of it could have been independently examined much sooner. In combination with "publish or perish" metrics, it discourages valuable or interesting work that might not ever rise to the level of a full journal publication. The format is incredibly stifling; important information is left out to satisfy page limits, code mangled to fit within columns, and interesting data visualizations not even considered because of the constraints of the media.
I think it's inevitable that the current common publication system will be recognized as a relic of the paper era, but I fear that any fix will only make superficial changes to the system. I think it'd be much more useful to have a publication system that allows work to be published with full data in a format that allows evolution in response to open reviews. This obviously wouldn't work well in areas where protection of patient privacy requires data obfuscation; I don't have a good answer for that. In all other areas, especially where the research is funded by public money, full data and code transparency ought to be key, especially where raw data must be adjusted or normalized in order to be useful and in situations where bugs in modeling programs could subtly affect results.
Edit: see also this excellent article from last month's Atlantic: http://www.theatlantic.com/magazine/print/2010/11/lies-damne...