I haven't worked for a corp yet, but wouldn't another problem be that you're a team/system, but perf. review is focussed on the individual, and assumes that's where the problems or the success of the team arises from? So it's a bit reductionist.
This is highly dependent on company environment however and obviously can come with it's own set of motivations and problems.
It's also just as difficult to evaluate team performance as individual performance. With knowledge workers everything is so subjective, and trying to put objective metrics on it ends up being self defeating due to people gaming the system in ways that harm the broader organization.