CS academics have been slowly taking control of more of our own journals. It somewhat helps that there is already relatively little editing/layout work done on the journal's side, because computer scientists like to produce publication-ready PDFs straight out of LaTeX, and a journal is more or less just a concatenation of those. In some other fields it's more common to send a draft-formatted manuscript, which the journal staff will format into professional-looking magazine style; that requires more of a "real" staff, which then means you need a budget and source of funds and such. This is one reason some open-access publications in other areas are turning to charging the authors to fund the operations (although reputable journals will waive the fee for authors who don't have a source of funds such as a grant to cover the fee, so it's not fully "pay to play").
In AI, two of the top journals are now open-access and run on a shoestring budget by academics, so also don't have any publication charges: http://jmlr.orghttp://jair.org
Lots of fields primarily use LaTeX to typeset papers, e.g. physics and computational biology. Typesetting and hosting a PDF never justifies a $1500 publishing fee given that reviewers, editors and of course authors are all working for free. Hence even the good-guy (non-profit) publisher PLOS took about 20% excess revenue in 2012, primarily by charging $1300 odd dollars for publication in PLOS ONE.
Why do we even need the dated journal model? Push everything to a central arXiv, biorXiv like repo (funded as they are by small donations from institutions). Couple this with open post-publication peer review and endorsements. Millions of tax dollars saved around the world, research open to everyone.
The counter argument is the rubber stamp that accompanies a prestigious journal (and filtering the crazies) but if the repo was accompanied with a suitable array of article-level metrics and thorough categorisation the good science can continue to filter to the top, much like how HN and reddit work.
In AI, two of the top journals are now open-access and run on a shoestring budget by academics, so also don't have any publication charges: http://jmlr.org http://jair.org
Here was the 2001 letter that kicked off JMLR: http://jmlr.org/statement.html