The fee does seem high for individual academics, but I bet the costs of running a journal are low compared to what libraries currently pay for getting them. Moreover, storing information and making it available is a library's mission. Therefore, I hope that libraries, rather than individual researchers, start to host the next generation of open access journals.
Libraries also have infrastructure in place - they already host their own websites, so running a journal just requires adding another page to it.
The most annoying part would be coordinating the different reviewers, but I think that job would be done by the editorial boards, composed of researchers in the specific fields.