Online scholarly journals have become an important tool for the generation of knowledge and the distribution and access to research. The purpose of this article is to analyze the features of online scholarly journals and to determine whether they incorporate new Internet-enabled features and functions which help to meet the needs of the members of the scholarly community more effectively. Drawing on Taylor's concept of added value [1], the features of online scholarly journals were classified into the following types: features which enhance ease of use and facilitate access to data, features that provide selected information and thus reduce noise, features which improve quality, features which address specific user needs, and features which contribute to time or cost savings. The analysis revealed that, although some online journals operate in the same way as print journals, there are others which incorporate innovative features which are transforming the journal to make it a more effective tool for scholarly activity.