I am so glad to see this article in the popular press:
Monbiot, George. “Academic publishers make Murdoch look like a socialist.” Guardian.co.uk. 29 August 2011. http://www.guardian.co.uk/commentisfree/2011/aug/29/academic-publishers-murdoch-socialist. (Published in the print version of The Guardian on 30 August 2011.)
The author also maintains a version of the article with footnotes: http://www.monbiot.com/2011/08/29/the-lairds-of-learning/.
I encourage you to skim the article, as I think many people in higher education are not fully cognizant of this state of affairs. I was particularly interested in Deutsche Bank’s analysis of publishers’ claims that they are justified in charging high prices because of ‘value added’ to their publications. Deutsche Bank says, “We believe the publisher adds relatively little value to the publishing process … if the process really were as complex, costly and value-added as the publishers protest that it is, 40% margins wouldn’t be available.” Huzzah!