Especially in high-energy physics and in (I think) cosmology, the community is small enough that the arXiv is basically the primary means of communication. Peer review is everyone looking at the article and talking about what they mean. Published journal articles become more of a way to "keep score" to help outsiders make hiring decisions.

Yes, my Dad and I already talked about that. He also said that indeed there are a lot of 'no-bang' models.