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It’s nearly commons sense: The current peer reviewing system as a dinosaur from the pre-internet age has to be overcome. There are several promising approaches like Post-publication review, Double-blind peer review, Open peer review. Peerage of Science aims to become a kind of social network, a “community of scientists” to which researchers submit their manuscripts.
The service has recently been appreciated even by the Science-Journal

Peerage of Science want’s to offer an “Automagic, Rewarding and Anonymous” service, which means, that the peer review process is fully controlled by software, the somehow determined “Peerage Essay Quality” (PEQ) should contribute significantly to the CV of the reviewers and as everyone is anonymous until they choose otherwise, the anonymity should be guaranteed.
The essential question will certainly be, whether the service reaches the critical mass of contributions. It’s not “hard linked” to a special journal and and it begs the question when the first “big journal player” incorporates the best concepts of and outstrips “Peerage of Science”.