The Australian Research Council has released a consultation paper on its peer review process; the consultation period runs until October 19. One of the proposals is to increase the weight of specialist reviewers, rather than focusing on other metrics such as track record. This seems like a promising idea (and is supported by the AAS and FASTS, as reported in the Australian), though the proposals for encouraging qualified reviewers to become available seem a bit sketchier.
[Update. Sep 18: See also the recent PLoS Biology article “Real Lives and White Lies in Scientific Research“, by Peter Lawrence. Further discussion on this article can be found here. Via the Funneled Web.]