If a journal consents to participate, then the full-back run would become freely available on PubMed Central (in good company). Future issues would also have to be deposited in PMC, though research articles could be embargoed for 12 months and other content (like editorials and reviews) for up to three years. In exchange, the sponsors will pay all the costs of digitization and give the journal a copy of the digital files to host on its own server if it wishes. The sponsors will also take responsibility for migrating the files to new formats over time, as needed, to keep them readable.
The open access movement:
Putting peer-reviewed scientific and scholarly literature
on the internet. Making it available free of charge and
free of most copyright and licensing restrictions.
Removing the barriers to serious research.
I recommend the OA tracking project (OATP) as the best way to stay on top of new OA developments. You can read the OATP feed on a blog-like web page or subscribe to it by RSS, email, or Twitter. You can also help build the feed by tagging new developments you encounter.