From a recent call for a conference in my mailbox ( July 17th, Orlando, Florida, KGCM 2012
Richard Smith also affirmed that regarding peer review there is “more evidence of harm than benefit…[and] Studies so far have shown that it is slow, expensive, ineffective, something of a lottery, prone to bias and abuse, and hopeless at spotting errors and fraud.”
Smith, R, 2006, “The trouble with medical journals,” Journal of the Royal Society of Medicine, Vol. 99, March, 2006, p. 116 (accessed at http://jrsm.rsmjournals.com/content/99/3/115.full.pdf)