Another milepost on our way to the virtual academy? Rice University recently announced that it would be reviving its long-moribund academic press in a fully-digital form.
There are several academic journal models out there (see Forum: Qualitative Social Research for an excellent example), but this is the US' first digital university press.
Given the costs associated with printing, distribution, etc., plus the general trend towards e-delivery of most media forms, I suspect that Rice will be followed by many, many others over the next decade.
Think of it as a sort of Gresham's Law for the electronic era (with perhaps less normative implications).