Earlier quoted context omitted.
I'd like to point out that a journal is not purely a proxy or even an aggregator - I've gotten more detailed peer review with the bigger journals, because the reviewers are more critical and the editors more selective. I didn't start out as a fan of peer review, but now I say the more the better; it has markedly increased the quality of all of my papers which have undergone it.
I really like your counter argument, focusing on the process instead of the output. However I have to ask: isn't the end goal of submitting a manuscript to get recognition for it? Do you genuinely hope every time that your submission will be mercilessly torn apart and possibly rejected instead of getting the recognition for the work you've done? Truly I have seen article reviews ruin a budding research scientist's ca…
I would think that if peer review ruins a scientist's career, it would only be through a lack of support from the advisor. If the review is accurate the advisor should support the revisions, and if the review is totally mistaken the advisor should support resubmitting elsewhere.