A study of of 2700 articles from the Proceedings of the National Academy of Sciences finds that articles published under the journal's hybrid OA option received 25% more citations.
The chief editor of Nature Communications says of the forthcoming hybrid journal, "We can’t predict what the open-access take-up will be like, and we are therefore prepared for open access uptake varying from as little as 0% to as much as 100%."
A recent review article finds that "the majority of studies conclude that open access carries a citation advantage relative to restricted access publication. However, these are mostly retrospective analyses and might be explained by selection biases."
The open access movement:
Putting peer-reviewed scientific and scholarly literature
on the internet. Making it available free of charge and
free of most copyright and licensing restrictions.
Removing the barriers to serious research.
I recommend the OA tracking project (OATP) as the best way to stay on top of new OA developments. You can read the OATP feed on a blog-like web page or subscribe to it by RSS, email, or Twitter. You can also help build the feed by tagging new developments you encounter.