There's an interesting post and conversation going on over at the Identity Theory blog entitled, "The End of the Small Print Journal. Please."
The author says, "The mission of journals, as I now see it, is to contribute to and nurture conversation around good writing. To be experts without excluding. To offer literary context without condescension. To carve out space for literature. At heart that mission isn't any different than it was eighty years ago. But in the digital era, that means making good writing easily, more freely available.
To do that, small journals don't need to--and shouldn't--print a bound volume..."
I completely understand the author's call for a more substantial and active presence online for small journals, though I'm not sure why he sees a print edition of these journals as opposing that. Check out his whole argument and reader reactions here.