Crowd sourcing peer review? Free open access?

Anonymous brings this to our attention:

http://www.sympoze.com/

The idea is to create an open-access online philosophy journal (and then journals in other disciplines), with the peer review process crowd sourced. As many reviewers as want to read a paper can vote to accept/reject, with brief comments. Accepted papers will immediately be published online.

From what I can see, the open access will be free for authors. They are now recruiting reviewers.

Interesting idea.

Whaddaya think?

~zombie