I've posted in the past (here and here) about some of my experiences as an academic journal Editor. It has its ups and downs, for sure, but ultimately it's a rewarding job.
Preston McAfee (Yahoo! & Caltech) is currently the Editor of Economic Inquiry, where he's introduced some important innovations into the editorial process. He was formerly Co-Editor of American Economic Review. As well as being a highly respected economist, Preston has a wonderful way with words.
His thoughts on journal editing make excellent reading, for seasoned academics and newcomers alike. I particularly recommend Preston's piece in the American Economist last year - here.
McAfee, R. P. (2010). Edifying editing. American Economist, 55, 1-8.
© 2011, David E. Giles