From this post on the Chronicle of Higher Education’s site. As a journal editor, I’m worried about the details of how you would get peer review into the process. The notion of using an upward filtration process doesn’t satisfy. You need expert peers to make the initial decision. What’s being proposed here is something more akin to a popularity contest.
On the other hand, I’m convinced that some of the intellectual content posted on some blogs is worthy of publication in peer reviewed journals. We just haven’t figured out how to get there. In the meantime, there’s always Arts and Letters Daily.