Here are the reasons to be skeptical that I picked up from that blog post:
PZ's his own special brand of abrasive and dismissive, but I went and read most of the paper, and while he's not exactly rigorous with explaining his criticisms, I think they're based in good ones.
While the design of the JoC website shouldn't affect assessment of the article, the fact that a paper on such a potentially high-impact subject isn't in a mainstream journal at all does and should send up some red flags that there might be issues with the paper that would keep it from getting past peer review.
My biggest issue with the paper is that the study...
http://journalofcosmology.com/Life100.html
http://www.wired.com/wiredscience/2011/03/aliens-riding-meteorites-arsenic-redux-or-something-new/
http://news.ycombinator.com/item?id=2293643