This article reviews the prestige, strengths and limitations of online journals, the role they play and the impact they have in a variety of academic disciplines. It finds some academic fields appear to value online presentation more than others and the impact and perceived value of an electronic publication frequently is based on a variety of factors. The most prestigious online journals have open access to everyone; select their content through a double-blind, peer-review process; have esteemed authors and editorial boards; are sponsored by highly regarded societies; score high on the appropriate article citation indexes; and are favorably regarded in terms of a variety of subjective rankings by groups of scholars.