> The tricky part is that the current system may act as a filter where the best people will still try to hide their methods and get into the existing Journals because it's best for their career - so you'll get lower quality requests for funding.

Yes you could be right about that. It's possible that in the short term an individual funder could see a drop in the quality of applicants -- but I think this will be offset by massive increase in overall impact. I think science funders underestimate how much power they have to compel change.