Thanks all for this interesting and important discussion. My two cents is publish in society journals. They meet all the "rules", they are, in a sense, owned by us, they keep their costs as low as possible, and they exist to further science, not to put money in the pockets of shareholders. As GSA and other scientific societies struggle with how to combine this mission with the new publishing realities, there may also be opportunities for new, more specialized versions of the classic journals that may target narrower audiences and complete with some of the for profit journals. Look at how many Journal of Geophysical Research sections there are.

Larry Davis