This excellent post covers why academic publishing is obsolete. TL;DR:
1. The time lag is huge; it’s measured in months, or even years.
2. Most academic publications are inaccessible outside universities.
3. Virtually no one reads most academic publications.4. It’s very unusual to make successful philosophical arguments in paper form.5. Papers don’t have prestige outside a narrow subset of society.6. Getting people to read papers is difficult.
7. Academia selects for conformity.
8. Papers have a tradition of violating the bottom line rule.
9. Academic moderation is both very strict and badly run.
Of course, one could argue that Academic papers today are not meant to be discussion forums. Still, blogging, continuous deployment, etc. make academic publishing feel archaic.
I’m writing something on why github could be a good model, I’ll publish it soon.