The latest BMJ picks up the Wellcome report on online journals, but also quotes
Sally Morris of the Association of Learned and Professional Society Publishers , who describes it as "nonsense". See: http://bmj.bmjjournals.com/cgi/content/full/328/7448/1094-d
And the THES also runs a page on the issue, with views from Mark Walport of the Wellcome (for open access) and Arie Jongejan of Elsevier (against). Online content is only available to subscribers, but the paper reference is:
Times Higher Education Supplement
May 7 2004 1639: 8
Publishers resist revolution

