Valentin Amrhein points to this new policy from a biology journal. Here it is:
From next year, we will no longer make accept/reject decisions at the end of the peer-review process; rather, all papers that have been peer-reviewed will be published on the eLife website as Reviewed Preprints, accompanied by an eLife assessment and public reviews. The authors will also be able to include a response to the assessment and reviews.
The decision on what to do next will then entirely be in the hands of the author; whether that’s to revise and resubmit, or to declare it as the final Version of Record.
Here’s the journal’s five-step process:
Submit your paper and you’ll hear if it is invited for peer review.
2. Peer review
Your paper undergoes consultative review by experts in the field and a publication fee is collected. You will then receive an eLife assessment, public reviews and confidential recommendations from reviewers on how to improve the paper.
Your paper is published on eLife’s website as a Reviewed Preprint along with the eLife assessment and public reviews. It is then citable.
The eLife assessment reflects the significance of the findings and the strength of the evidence reported in the preprint. You will also be able to include a response to the assessment and reviews.
4. Author revision
You control which revisions to make, and if and when to resubmit. If you revise, we will publish a new Reviewed Preprint with updated reviews and assessment.
5. Version of Record
At any point following peer review, you can choose to have your Reviewed Preprint published as the ‘Version of Record’.
This sounds just great.