Elsevier recently ran a competition where researchers around the world were asked How do you see the future of peer review?. I submitted an idea that leverages the power of reputation. My idea involved an anonymous reputation point system inspired by public peer-reviewed forums like Reddit, Slashdot.org, StackOverflow, and Amazon.com. You can read a summary of my entry here. The winner of the competition, Simon Gosling, had a similar suggestion, but with a greater focus on badges. Simon and I are now working with Clare Lehane and Elsevier to pilot our ideas on an Elsevier journal.
This is actually the second Elsevier competition I have won. In 2009, our CSIRO team was one of three finalists in the Elsevier Grand Challenge.