Just to be clear - I am in the camp that believes that we should do away with prior-to-publication peer review. That said, Seb Paquet explores the concept of blogging peer reviews in this short item. As this item argues, "Because they are so busy, referees often do a lousy job of reviewing submitted papers, and they often get away with it because they act under the cover of anonymity."Seb links to a discussion on David Wiley's site, and one of the comentators there links to this article highlighting the difference between print and online publication.
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