From New York University's April 11 press release:
NYU Press (NYUP) has been awarded a grant of $50,000 from The Andrew W. Mellon Foundation to develop and test a method of conducting open, public online peer-to-peer (P2P) review of scholarly monographs and journal articles. NYUP, which is part of the NYU Division of Libraries, will collaborate on the project with MediaCommons, a digital scholarly network affiliated with both NYU Libraries and the Institute for the Future of the Book.Posted by stemp003 at May 13, 2011 3:33 PM
The outcome of the yearlong, Mellon-funded project will be a published white paper that will 1) assess the value and shortcomings of P2P review for the evaluation of scholarship, 2) serve as a roadmap for scholars and publishers, articulating criteria and protocols for conducting P2P review that are both rigorous and flexible enough to apply across disciplines; 3) identify the technical functionalities necessary to support these protocols; and 4) assess tools and platforms currently available for online peer review, and consider whether their functionalities will support our proposed protocols. The white paper will be made available for open peer review as part of its publication process.