The big issue is who pays lead editors, though. Typically (at least in my field) the major journals have an institutional affiliation with a university, and the editors are professors at the university who receive a stipend and reduced teaching load in return for putting in a stint of a few years on the journal masthead. I've never asked too closely about the funding for these arrangements, but I have to imagine it comes from the universities themselves.

The question is: how do you convince the universities to do something similar, but not for a journal with a hundred year history in the field, but for one that is beginning right now and which follows a different format like the one espoused in the link? The two solutions are major institutional change among the administrators who fund this stuff, or finding a new model for paying editors. Based on my experiences in academia, I think the latter has a better shot, but it's still unclear how things will go.