The Max Planck Digital Library has released Disrupting the Subscription Journals' Business Model for the Necessary Large-Scale Transformation to Open Access .
Here's an excerpt:
This paper makes the strong, fact-based case for a large-scale transformation of the current corpus of scientific subscription journals to an open access business model. The existing journals, with their well-tested functionalities, should be retained and developed to meet the demands of 21st century research, while the underlying payment streams undergo a major restructuring. There is sufficient momentum for this decisive push towards open access publishing. The diverse existing initiatives must be coordinated so as to converge on this clear goal. The international nature of research implies that this transformation will be achieved on a truly global scale only through a consensus of the world's most eminent research organizations. All the indications are that the money already invested in the research publishing system is sufficient to enable a transformation that will be sustainable for the future. There needs to be a shared understanding that the money currently locked in the journal subscription system must be withdrawn and re-purposed for open access publishing services. The current library acquisition budgets are the ultimate reservoir for enabling the transformation without financial or other risks. The goal is to preserve the established service levels provided by publishers that are still requested b y researchers, while redefining and reorganizing the necessary payment streams. By disrupting the underlying business model, the viability of journal publishing can be preserved and put on a solid footing for the scholarly developments of the future.