While the big-ticket journals have a value from being so picky, often this is at the expense of some things. For instance, it is hard to get replication studies published, as journals like Nature want every article to be "front-page news" if they can. I'd like to see some weighted reputation system used instead, where academics can give their "vote" to papers they like, giving it a total weight, however such systems have been proposed in the past and haven't got much traction.
I don't think there is an answer in the above, but I'm not sure that the substantial costs are justified.