The problem with code review is that it works. That's why we can't shake the industry's fascination with it. It works to catch bugs, but it's horrendously inefficient in doing so. I ran some numbers on our code review process on a project last year. Of patches returned for modification, 5% contained a bug. 95% were for entirely stylistic changes. I find it hard to square that with being a good use of time. As an indu…
But code reviews are for other things than just catching bugs, it is also for sharing knowledge, learning useful idioms for each other, discussing ideas and so on. I have learnt a lot from code reviews, even when the reviewers were junior to me. Feedback like "there is actually already a function for this" or "this can be done simpler if you use X language feature" have great value even if it is not directly catching a bug.
And why is it a bad use of time if it actually helps finding bugs? What method do you know that is more efficient?