If you can see past the buzzword doublespeak in the title, Google is trying to implement a true peer-review system that functions without a central reviewing authority. The idea is that you publish your work first, and get the reviews later. Your work's importance will then be gauged by how the reviews of your work come out as a function of time. For now this idea would complement journals, but it could eventually render them obsolete. At the least, it could make editing new online journals really easy!