Insofar as experiments are now too large and costly to allow for "I'll just go check that in my lab tonight"-type replication, peer review is increasingly just a status game.
The paper will have no impact, no one will base any further work on it, no one will cite it, and it will vanish like a fart in the wind. In this case, the author gets minimal prestige, and can claim a publication in a maybe-prestigious journal with an embarrassingly small number of follow-up citations. No fame, money, or power for the author, and no impact (negative or positive, if the paper was right or wrong) on the world.
Or the paper can spark a lot of ideas in the people who read it. They'll try to build on it, or they'll try to use a technique from it in another application. When this happens, if the paper was solid, then the original author gets citations, speaking engagements, money and power. If the paper was less than solid, and the people trying to build on it keep having trouble, that is when the original author's house of cards comes crashing down.
You don't need to directly replicate an experiment when you can build on it. If your experiments building on the original experiment make sense and give consistent results, you've just validated the original research in another way. If your experiments don't, and after weeks and months of wasting time checking your own work and making sure you're not doing wrong, you slowly reach the conclusion that the original research was bogus, then you begin to get angry. Then you begin to tear into the original author and his research, publicly denounce him for wasting your and everyone else's time. Then science self-corrects.
So science is generally OK -- either bogus research that gets published has no impact (no different that a lot of good research :-P ), or it proves false when other people try to build on it.
Who gets into trouble, is science journalists and laypeople who read newly published articles and assume they are gospel.
Fields like psychology, on the other hand, need replications—"assuming another result as axiomatic in your own experiment" just doesn't come up much.