Title? What title?
...and I always thought science went "hypothesis, observation, interpretation, <repeat with controls as required>, publish". Why on earth would a set of scientific research based on this paradigm need peer reviewing before publication?
Once published, it will either get repeated by others (and therefore corroborated) or raped and vilified into obscurity. Yes, you'll get a lot of shit coming out this way, but the shit will soon been seen as such when it's not repeatable or when the interpretation doesn't stand up to additional tests. The "good science" will rise to the top. This approach would also see a more cautious media; reporting only those papers which have been independantly verified.
No - the reason for the current system is commercial funding - commercial organisations won't allow publication of research they have funded until it's independantly verified... and that's a shit way to operate with so many conflicts of interest as to make it almost unworkable as well as OPEN TO ABUSE.