I ran some numbers on our code review process on a project last year. Of patches returned for modification, 5% contained a bug. 95% were for entirely stylistic changes. I find it hard to square that with being a good use of time.
As an industry, we're making the mistake Deming points out in Out Of The Crisis: we're attempting to inspect defects out of existence rather than improve our production process so that they never get created in the first place. We concentrate our efforts on being better at 100% inspection, and don't allow ourselves to think that a process without that inspection could be a hell of a lot better, if we invested the effort in figuring out what that might look like.
Pairing might be one answer here, although I don't think I've heard it talked about in those terms before.