There was a lot of hype last year with the reject journal (new link here). This journal publishes papers that have been rejected by other journals.
One man's trash is another man's gold -- publishing rejected papers is not really a new concept. For sure, some of those rejects have nuggets of knowledge that are either simply misunderstood or too radical to be accepted by the reviewers.
But the concept is gutsy. It's not easy to publicly admit that your paper got rejected by other journals. And getting published in the reject's journal is as public as it can get.
Unfortunately, it seems the journal is a one-hit-wonder. The first and only issue so far was published last year in July. I'm waiting for the next one.