Rejecta Mathematica

Silvio Capobianco pointed out to me a new mathematical journal, whose existence he discovered by looking at this opinion of Doron Zeilberger's. The journal is called Rejecta Mathematica, and its description reads

Rejecta Mathematica is a new, open access, online journal that publishes only papers that have been rejected from peer-reviewed journals (or conferences with comparable review standards) in the mathematical sciences.

A unique aspect of Rejecta Mathematica is that each paper will be published together with an open letter from the authors discussing the paper's original review process, disclosing any known flaws in the paper and stating the case for the paper's value to the community.

Is this a joke? This and other natural questions are discussed here. In case you wonder who the editors of this journal are, look here.

I am looking forward to seeing what papers will appear in the first volume of the journal :-)