Are academic journals becoming obsolete?

An interesting article on the continuing debate about the role and future of academic journals.

Academic Journals: The Most Profitable Obsolete Technology in History

by Jason Schmitt

It does seem to me a bit of a vicious circle. The only publications that ‘count’ are those published in peer review journals and yet the knowledge that they share is only available to an elite few – those who happen to belong to an institution who can afford to pay the subscription fees.  Also, with the review and publication process taking so long, I wonder how ‘new’ (in today’s instant internet world) the new knowledge shared in these journals really is?

Any comments?