If you don't have time to read through Peter Suber's full explanation of open access, you could always try his haiku version (this isn't new, but I've only just come across it). A sample:
I love print, paper. But I love searching, linking, using, sharing more.
...
They don't pay authors, editors or referees. Then they want the rights.
...
Sure, change copyright and peer review. But OA doesn't have to wait.
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