I've spent a lot of time on peer review panels. Not surprisingly, the top selections have an impact, the low selections do not, but in that great area in the middle (and where all the debate occurs) "only ~1 percent of the variance in productivity could be accounted for by percentile ranking, suggesting that all of the effort currently spent in peer review has a minimal impact in stratifying meritorious applications relative to what would be expected from a random ranking." In other words, we would get the same results if we flipped a coin. I'm sure the same is the case for publication peer reviews. The full study is here.
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