Tim Gowers (and several other mathematicians) called to boycott academic publishers with The Cost of Knowledge (http://thecostofknowledge.com/), giving largely similar reasons. It had some success if I recall correctly.
Hopefully some reputable open journals will distinguish themselves from the predatory journals that take advantage of unsuspecting junior researchers (or worse, that take advantage of unsuspecting people who don't know better).
[1]: http://journals.cambridge.org/action/displayJournal?jid=FMs [2]: http://journals.cambridge.org/action/displayJournal?jid=FMP
Announce a policy: "We will be reducing our purchase of proprietary journals by 10% per year over the next decade. We will be shifting holdings to journals published under free and open terms."
If that message comes from enough premier libraries, the market will shift.