I'm not sure I understand the question: is there not value in managing every single logistic detail of a complex process?
So what is the value of a paper journal over a website? That the pictures look better?
I love how you compare a scientific journal to a cinema. It really brings your point home. But you're wrong: Science isn't entertainment. (I have experienced both NPG and AAAS treat it as if it was, though.)
One way or another the work has to get done. Shifting it from one pile or person to another doesn't change that. You can live without some of the steps I outlined, but quality can suffer then. Not in all cases, but some. I've seen plenty of HN links to arXiv posts where it's clear the authors had little sense of the best way of presenting their material and therefore have a harder time communicating their work.
What marginal value do you place on having new scientific knowledge more clearly and consistently communicated to other researchers? That's what publishers do.
Subscription prices are certainly way too high compared to the cost, but saying the add little or no value just tells me that a person probably doesn't understand what publishers do, or that "researcher" skill sets don't always overlap with the skill sets to perform the work I outlined above.