Harvard University Press has published How Professors Think: Inside the Curious World of Academic Judgment.
Here's an excerpt from the book description:
In the academic evaluation system known as "peer review," highly respected professors pass judgment, usually confidentially, on the work of others. But only those present in the deliberative chambers know exactly what is said. Michèle Lamont observed deliberations for fellowships and research grants, and interviewed panel members at length. In How Professors Think, she reveals what she discovered about this secretive, powerful, peculiar world.
Read more about it at "The 'Black Box' of Peer Review."