Don't forget there are plenty of open-access journals with very healthy impact factors (for those who have to be ruled by that exceptionally stupid measure). For example, the top-ranked journal in the Biology category in the 2009 Journal Citation Reports was PLoS Biology, with 12.916.
This is the exception, rather than the rule. Also, remember that the question isn't "is there a open-access journal with a healthy enough impact factor/prestige?" (as if there was a threshold), it's "will I have take a noticeable hit in impact factor/prestige to publish open access?" It's hard to ask young researchers to do that latter.
A wonderful trend people could encourage by making the non-open journals pay for reviews. It'd help the open journals compete.
In there end there shouldn't even be journals, just articles you're pointed to by smart people. Maybe someone would start a ThesisHub for collaboration...
BTW everyone, please release papers in a more useful format than PS/PDF. HTML/CSS is intended to handle device independence and different user needs and would be a better choice. PDFs, which I always read on the computer anyways, are more of a burden than a benefit. In a browser I can run Aardvark or other live editor and make a page readable. With PDF I'm stuck dragging a too-small window over a perfect representation of a useless printed page.
