Among the more successful rejoinders to this for of academic extortion is the open-source journal movement. The journals with which I am most familiar (under the Public Library of Science umbrella) charge fess for inclusion that are waived for those unable to pay (see http://www.plos.org/journals/pubfees.html). PLoS (electronic) journals are free and openly distributable. The model seems to work for niche journals that have volunteer editorial boards, but whether it works in the long run for more ambitious journals (such as PLoS Medicine and PLoS Biology, which require professional staff) is not so evident.
--tim francis-wright
PS for Chuck: The public library in my town reduces what it pays for chronic bestsellers by culling good hardcover copies of them from the books donated for the twice-yearly book sales.