I have to give a little shout out here to the person sitting at the desk across from me. Dr. Briane Turley has been involved, with others, in the creation of two very successful online journals (the Journal of Southern Religion and the American Religous Experience) and is part of the initial editorial board (and webmaster) of a third. The just released Religion and Society in Central and Eastern Europe will focus on just what the title suggests, however the editors are distinctly aware of the role Geography and geography (the discipline and the applications) will play in many of the submissions they will receive.
I would have to say that open online journals are one of the missing pieces in Geography right now. It is great to see innovation in this area continue to move forward in other disciplines.