"As a frequent reader of papers in CS I'm of the opinion that peer review is accomplishing very little outside of checking theoretical results with proofs that can be vetted."

As a frequent reader and reviewer of CS papers I totally disagree. Peer review helps narrow a huge incoming flood of new research into a smaller stream of results that are the most novel, important, and correct. Without explicit review, your options would be to either waste your time wading through the mess or use reviews from sources whose advice you consider on an ad hoc basis. I'm sure there are better systems that take advantage of the Internet, the wisdom of crowds, data aggregation and mining, etc. The current system of peer review does adequately perform a major service, though.