Peter Suber has published "Ten Challenges for Open-Access Journals" in the latest issue of the SPARC Open Access Newsletter.
Here's an excerpt:
I start with three disparities: the gap between journal performance and what prevailing metrics say about journal performance (#1); the gap between the vision of OA embodied in the Budapest, Bethesda, and Berlin statements and the access policies at 85% of OA journals (#2); and the gap between a journal's quality and its prestige, even when the quality is high (#3). Then I move on to seven kinds of doubt: doubts about quality (#4), preservation (#5), honesty (#6), publication fees (#7), sustainability (#8), redirection (#9), and strategy (#10).