PeerJ is a new open access publishing initiative which you join by paying a flat one-time fee, entitling you to publish as many open-access articles as you want for the rest of your life. Articles are peer reviewed for technical soundness. The initiative was founded by some serious scientific publishing bigshots.
To avoid running out of peer reviewers, every PeerJ member is required each year to review at least one paper or participate in post-publication peer review.
p.s. Just to be clear, I’m not claiming that PeerJ got this idea from Owen Petchey and I. I just feel vindicated that something like our “PubCreds” idea would be incorporated into a serious publishing business venture. More than one, actually. This also vindicates a remark which scholarly publishing consultant Joseph Esposito made to me at a publishing conference: PubCreds will happen when someone figures out how to monetize it (or in this case, monetize a larger initiative, of which something like PubCreds is one component).