Here is a description from the E-Journal site:
This module allows you to create and control own electronic journals in Drupal—you can set up as many journals as you want, add authors and editors. Module gives you issue management and provides list of vocabularies (to browse) and archive of published articles. This module is more sophisticated than epublish.module and was inspired by Open Journal System. Our workflow is not so rigid though and because of the Drupal platform, you can do much more with e-journal than with OJS – potentially ;-).
An example journal that uses E-Journal is Ikaros .