Peer code reviews are known friends of a good code quality. Many of the agile methods strongly recommend them. XP as usual goes to the extreme point and offers the pair programming practice, when the reviews are performed continuously.
The usual problem with the code reviews (unless you practice the pair programming) is that they are often performed after writing a big block of code and reviewers can concentrate on the micro level issues like coding conventions and style. It is important to enforce the common conventions, but it would be great to pay bigger attention to the code logic.
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