The Center for Studies in Higher Education has released Peer Review in Academic Promotion and Publishing: Its Meaning, Locus, and Future.
Here's an excerpt from the announcement:
This report includes (1) an overview of the state of peer review in the Academy at large, (2) a set of recommendations for moving forward, (3) a proposed research agenda to examine in depth the effects of academic status-seeking on the entire academic enterprise, (4) proceedings from the workshop on the four topics noted above, and (5) four substantial and broadly conceived background papers on the workshop topics, with associated literature reviews. The document explores, in particular, the tightly intertwined phenomena of peer review in publication and academic promotion, the values and associated costs to the Academy of the current system, experimental forms of peer review in various disciplinary areas, the effects of scholarly practices on the publishing system, and the possibilities and real costs of creating alternative loci for peer review and publishing that link scholarly societies, libraries, institutional repositories, and university presses. We also explore the motivations and ingredients of successful open access resolutions that are directed at peer-reviewed article-length material. In doing so, this report suggests that creating a wider array of institutionally acceptable and cost-effective alternatives to peer reviewing and publishing scholarly work could maintain the quality of academic peer review, support greater research productivity, reduce the explosive growth of low-quality publications, increase the purchasing power of cash-strapped libraries, better support the free flow and preservation of ideas, and relieve the burden on overtaxed faculty of conducting too much peer review.