What's the best format for an online journal club?

First off, I should define a journal club. I will go beyond Wikipedia's definition to say that I specifically think the term should refer to an interactive discussion about the primary literature. I contrast this with just posting interesting papers (e.g. Faculty of 1000), providing a customizable search service (e.g. CiteTrack), and discussing non-primary material (e.g. reviews or textbooks or class material). All the things have their place, and here I'm talking about the journal club, where individuals can share thoughts, learn about new papers, critique those papers, etc.

So, if this were to be done online, how should it be done? I give several possible examples, but please feel free to post others.

Email: It's easy and almost everyone has it, but I have my concerns about formatting consistency and accessibility - it isn't guaranteed that everyone emails out every comment to every person. To maintain an open discussion format, things would actually become more complicated than need be. You could do a mailing list, but I still feel this loses some of the power of the internet.

Chat Rooms: Sounds great, except your locked into the look & feel of the chat room, and it's live only. Sure, this uses the geographic strength of the internet, i.e. that you can be anywhere and participate, but it doesn't take advantage of the potential temporal aspects, i.e. "asynchronous" discussion taking place on each participant's time frame.

Discussion Forums: This method, in which I'll lump "Groups" at Friendster, Google, Yahoo!, MSN, etc., seems ideal. It allows for posting and commenting, organizes comments by discussion thread, and is relatively secure. The catch is that it seems they're just generally unappealing visually.

Blogs: For a "moderated" journal club, this seems ideal, but as I'm learning, non-members can only post in comments. As such, anyone wanting to post a new article needs to run the risk of it being buried in comments, or needs to contact the blog owner to become a member or to have the article posted. Otherwise, I love the look and feel, the security, and the versatility.

Wikis: Again, seems like a great idea, but I haven't explored the wiki farms out there very well. I like the idea that anyone can edit in that it allows anyone to post content at equal level. However, this format would require some considerably respect, or else some degree of moderation, to prevent abuse.

I have no doubt I'm missing many meaningful categories of online publishing formats. I haven't even begun to discuss the options for customized webpages or internet-based custom software packages. Please feel free to post comments on any aspect of this idea, as I'm eager to hear what people think.