Peer Review V Wiki Review?

An interesting article in the New York Times on web based alternatives to the traditional peer review process that are currently being tested in a couple of journals. http://www.nytimes.com/2010/08/24/arts/24peer.html?pagewanted=1&_r=1&ref=technology

Is the slow but usually reliable peer review process in need of renovation or should it be torn down and replaced? How would academia respond? How would the gargoyles cope?

(The contributor of this photo is Callum Black)