I think a lot of scientists see this boycott as a beginning of that process. But even with open access, the scholarly community needs to find a way to recognize worthwhile research that is at least as effective as the current peer review system. Related to a link I gave in another comment, here's a proposal by John Baez for independent "referee boards" as a layer on top of free servers like arXiv.org:

http://math.ucr.edu/home/baez/journals.html