(via PLoS blog and Open) The new PLoS ONE journal is now accepting manuscripts for review.
We can know have a look at the editorial board and the journal policies. There are some hints of how the user comments and ratings are going to work.
Most journals have some form of funneling, either by perceived impact or subject scope. It is going to be interesting to see what happens with PLoS ONE, given that there is no editorial selection on these criteria.
Update - It is actually working fine with Firefox1.5. When I was seeing it before the the page layout was misbehaving. Sorry for the confusion.