The biggest risk from Gold OA (publishing) (and it's already a reality) is that it will get in the way of the growth of Green OA (self-archiving), and hence the growth of OA itself. That's
Gold Fever: Most people assume that OA means Gold OA, and don't realize that the fastest, surest and (extra-)cost-free way to 100% OA is to provide (and mandate) Green OA.
The second biggest risk (likewise already a reality, if the
Finch Follies are Followed) is that Gold Fever makes sluggish, gullible researchers, their funders, their governments and even their poor impecunious universities get lured into paying for pre-emptive Gold OA (while still paying for subscriptions) instead of providing and mandating Green OA at no extra cost.
The risk of creating a market for
junk Gold OA journals is only the third of the Gold OA risk factors (but it's already a reality too).
Gold OA's time will come. But it is not now. A proof of principle was fine, to refute the canard that peer review is only possible on the subscription model.
But paying for pre-emptive Gold OA now, instead of mandating and providing Green OA globally first will turn out to be one of the more foolish things our sapient species has done to date (though by far not the worst).
Harnad, S., Brody, T., Vallieres, F., Carr, L., Hitchcock, S., Gingras, Y, Oppenheim, C., Stamerjohanns, H., & Hilf, E. (2004) The green and the gold roads to Open Access. Nature Web Focus.
Harnad, S. (2005) Fast-Forward on the Green Road to Open Access: The Case Against Mixing Up Green and Gold. Ariadne 42.
Harnad, S. (2007) The Green Road to Open Access: A Leveraged Transition. In: Anna Gacs (ed). The Culture of Periodicals from the Perspective of the Electronic Age. L'Harmattan. 99-106.
Harnad, S. (2009) The PostGutenberg Open Access Journal. In: Cope, B. & Phillips, A (Eds.) The Future of the Academic Journal. Chandos.
Harnad, S. (2010) No-Fault Peer Review Charges: The Price of Selectivity Need Not Be Access Denied or Delayed. D-Lib Magazine 16 (7/8).
Harnad, S. (2011) Gold Open Access Publishing Must Not Be Allowed to Retard the Progress of Green Open Access Self-Archiving. Logos: The Journal of the World Book Community. 21(3-4): 86-93