Ted Genoways raises important issues in this VQR Blog Post: The Future of University Presses and Journals. Of course, the debate is not a new one, nor will it ever go away, but I'm glad it's being discussed.
Genoways's comments are prompted by remarks of the new chancellor of Louisiana State University about protecting the university's "academic core" even at the expense of such important and influential bodies as the Southern Review and LSU Press. What is the core, we have to ask, if these are not part of it? Genoways explores other examples of journals that have been or still are under the same pressure (and is appropriately grateful that his is not one of them).
It's a good discussion, worth reading and pondering.