[via Peter Suber]
Biolinguistics is an open access (?) journal, edited by Cedric Boeckx (Harvard University) and Kleanthes K. Grohmann (University of Cyprus). The inaugural issue includes articles by Noam Chomsky and others.
(Peter Suber correctly reports that the journal’s about pages state that there is delayed open access, but I wonder whether that is a simple error, since it is also stated that all content is free after a simple free registration. Note also that the journal requires authors to sign over their copyright. In any case, more free peer-reviewed content in linguistics is a good thing, even if there are some extra hoops involved.)
S&P: Editors' Blog 
It is correct that BIOLINGUISTICS is “delayed open access”, just as it is correct that all access is completely FREE. Since BIOLINGUISTICS is the first serious online journal (= full peer-review) in theoretically orientated linguistics (generative grammar, biological underpinnings, and so on), we wanted to have an idea how many readers we could attract.
Since neither of us are experienced or tech-savvy enough in online publishing, the easiest way we chose was a registration process. We will use the next few months to concentrate on the contents and organization of the journal, but we will turn to both the access issue (ideally we’d go fully open access) and the copyright issue (we’d like to implement a Creative Commons license) shortly.
Thanks for your interest.