I'm Ben Brophy. I'm a UI designer/developer at MIT, working on a
federated search tool for slide libraries, and about 85% of the way
through library school. I am an unrepentant lurker on this list.
I think the journal idea is excellent. Some one asked who would read
this journal, and I think there are a lot of people like me who can't
hit the conference, and don't do IRC or even check the code4lib website
much. But if there were an occasional distilled version of code4lib
goodness I'd be all over it.
http://www.alistapart.com/ might be a good model. They are formal
enough to have issue numbers, an ISSN number and an editorial board,
but not too formal.