A Look at Librarianship through the Lens of an Academic Library Serials Review is a post from In the Library with a Lead Pipe. It is not only a great examination of the options available, with their assorted benefits and risks, when deciding which serial subscriptions to keep/cancel, but it is an examination of what librarianship brings to the process of maintaining a collection.
This is a process that many libraries will be going through on a large scale within the next few years, as budget cuts and cost increases force us to rethink what serials we offer, and how we offer them.
This is one of those areas in which there are no easy solutions; every cut is likely to remove some resources from users, and not everything will remain available or affordable by alternate means. Serials management has been the financial seven-headed-hydra, with every solution either creating or being replaced by a new problem.