In my recent series on testing I concentrated on dynamic testing, i.e. executing some or all of your code to see if it works. The other type of testing is static testing. This was featured briefly in my "SAS Software Development With The V-Model" paper at this year's SAS Global Forum ( SGF).
I wrote a NOTE: post on peer review back in 2009, so I won't repeat those thoughts here; however, I did see a good post from Tricia on the BI Notes blog back on October. Tricia used the post to run through a number of potential pitfalls for those who are new to the process. In the article, Tricia offered valuable tips on how to keep the review focused & at the right level, and how to be properly prepared.
Done properly, peer reviews offer increased code quality, reduced cost of rework, increased amounts of shared knowledge of your applications, and increased sharing of code and design good practice.