Journals (that is, the publishers) do not provide editorial standards. Editorial boards provide editorial standards. This is an important distinction, because

Journals (that is, the publishers) do not provide editorial standards. Editorial boards provide editorial standards. This is an important distinction, because while journals make money (ideally), editorial boards do not make money. They are pro bono. The services a journal's publisher provides are largely (1) possible copy-editing (2) management and workflow tools (3) paper publication and electronic distribution and archiving and (4) access to an important brand name ("Science", or "PAMI"). Historically these have been important services, but whether they will continue to be is something that every research community has to decide soon. There are a variety of alternative journal business models, such as those found in JAIR, JMLR, PLOS, etc.