I'm not a physicist, but certainly saying that such a journal does physics is a bit of a stretch? Ignoring the fact that he hopes such a journal could accept hard sci-fi (of which I am a fan), how could such a journal be maintained properly if it was driven "BY public interest, instead of IN THE public interest"? The general public is ignorant about science, especially deep science -- which is absolutely fine. Funding agencies (as I understand them) are here to help us decide what to do so that not all of us have to go through graduate school to get an idea about the state of science. Moreover, it sounds to me that he wants a more "democratic" process of science. Democracy makes sense in politics -- we vote on politicians because they have the power to change our lives. But scientists, especially physicists, are powerless to change Mother Nature. Regardless of who we choose, as long as the physics is done half-decently, we're going to get to more or less identical answers.