In geometry/topology, there are (at least) three specialized journals that end up publishing a large fraction of the best papers in the subject -- Geometry and Topology, JDG, and GAFA.

What journals play a similar role in other subjects?

Let me be more specific. Suppose that I'm an analyst (or a representation theorist, or a number theorist, etc.) and I've written a paper that I judge as being not quite good enough for a top journal like the Annals or Inventiones or Duke, but still very good. If I want to be ambitious, where would I submit it?

Since the answer will depend on the subject, I marked this "community wiki".