From Ths Scientist:

„PeerJ comes in the midst of an ongoing debate about the foundation of science publishing, and a push by many in the research community to be more open. (See “Whither Science Publishing?” for a full discussion.) The journal has assembled an editorial board of 800 academics along with an advisory board that includes five Nobel laureates. The decision of whether to publish a submitted manuscript is based more on scientific validity than on impact, and the journal encourages reviewers to post their comments alongside the articles. The journal uses a creative commons license that allows for free distribution and dissemination with the appropriate attribution.”

Details here:

http://www.the-scientist.com//?articles.view/articleNo/34367/title/Open-Review-Journal-Launched/