I think as time goes on we'll find that journals are able to do more and more of the work themselves in such a way that disrupts the monopoly as we know it today. Journals and the academic community already perform the review process themselves (with little reward) and are finding that the "typesetting" and "dissemination" value-adds from publishers are things that they can do on their own as well.

On a large scale, initiatives like PLOS One (http://www.plosone.org/) are a great example of this. On a smaller scale, journals like Sociological Science (http://www.sociologicalscience.com/) & (http://www.gsb.stanford.edu/stanford-gsb-experience/news-his...) are also being successful managing the entire toolchain themselves.

While things seem dire now, I'm confident they'll get better. Scholars with status are increasingly throwing their weight behind Open Access initiatives. Tim Gowers, that droque mentioned in this thread, is evidence of this.

Disclaimer: I co-founded a startup in the space (http://www.scholasticahq.com) and Sociological Science uses our platform for managing their peer review process.