This morning's Inside Higher Ed brings the news that starting in 2011, current University of California Press journals will be available via JSTOR along with the backfile.
The article mentions the Ithaka report from 2007 that libraries have to get more involved with scholarly publishing. I'm inclined to agree, but we also need to recognize that small libraries like mine have limited capacity to do that.
On the other hand, if our acquisitions budget went more toward directly supporting the infrastructure of scholarly communication, and less toward lining publisher pockets, that money would go further for greater good. That makes me really happy that it's JSTOR doing this.