Obviously my first post was just in jest.

While peer review isn't really a true measurement because it's subjective (like judges in the Olympics -- yecch), it is a great way to bring a team together cohesively. The best team environment I ever worked in had multi-phased code reviews (algorithm, psuedo-code, development code, production code) by at least two team members -- and not always the same ones. We strived to achieve the following:

1) Each piece of code did one thing and one thing only

2) Each piece of code was similar in look and feel to all other code to make maintenance easier

3) Never have more than one copy of code that does the same thing.

We had one rule for code review -- keep your personal feelings about another person out of the room -- be objective. We delivered the project on time and with very little defects.