The big problem with peer review is almost no reviewing takes place and it is at best is either a way for your enemies to get revenge or a cheap proofreading service. The solution is to offer a largish reward to the most constructive peer review for each manuscript chosen by the editor, or better by other reviewers. If I (or more likely one of my starving grad students) knew that I would get $1000 for providing the m…
But who decides what's constructive? It's all very well if you're choosing amongst people who basically agree with you - what if they're telling you it's going to take another year of experiments to get it up to standard? Which reviewers, too, do you respond to? If it's a popular paper you probably can't respond to all criticism, but picking which criticism to interact with isn't going to lead to good science. There'…
The suggestion of going back and doing more work exists under the current peer review system. With my proposal you might even get suggestions of what work needs to be done and why you should do it.
In all the papers I have published I have only had a few reviewers agree on anything. The normal approach is you agree to all the reasonable demands even if you don’t personally like them and argue over the important one. Most of the time if the reviewers see you have moved some of the way towards their arbitrary demands they will let you hold onto the important ones.