Well the way a journal is supposed to work is that it is not set in stone, but being put out to whatever field to stir discussion and open up new avenues for research. Many times in academia you will state something like, "Based on the finding of Smith (1947) we assumed that A was true. So if that is the case then we should be able to perform B and get result C." Then the experiment is run, results measured, then interpreted and prepared for publication in order to get proper credit and to expose others to said research.
Martial arts are a bit different because of the nature of guarding information since many times this information could save someone's life and mean death to another, especially in judicial combat and honor duel situations. So it's a slippery slope, fortunately we don't have to guard information for those reasons, but others have come up.
If you don't like the stuff that gets published in whatever journal, just don't subscribe, maybe others will do the same, and it'll go away for lack of interest because nobody wants to read the nonsense. Then again, many folks in this field like the nonsense.
I agree with you David that I would put more credence behind something that went through the ARMA ringer, and there are those out there who would attack those findings just because it was us. If we had a journal just within the organization it would be great, but I doubt it would be appreciated outside of ARMA, and would be exposing information that we usually keep on the member pages.
What ARMA does with essays, both on the public site and the members pages, amounts to the same sorts of things that appear in a journal, just without the level of citation academia requires. I try to read as many of these as I can, but personally I like to be able to read off of paper much better than read off of a computer screen.
I understand many of the problems, but I'd just really like some bathroom reading besides The Economist.

Plus the published books can get pretty pricey and take forever to come out. *cough* Fiore *cough*