This recent report of a workshop held in Phoenix in April 2007 is a good read and highlights some of the opportunities for transforming the scholarly publishing landscape. From the summary:
The widespread availability of digital content creates opportunities for new forms of research and scholarship that are qualitatively different from traditional ways of using academic publications and research data. We call this "cyberscholarship".
The widespread availability of content in digital formats provides an infrastructure for novel forms of research. To support cyberscholarship, such content must be captured, managed, and preserved in ways that are significantly different from conventional methods.