The biggest problem with performance reviews: managers are too scared to give feedback throughout the year, so when the feedback does come during the performance review - the employee is in utter shock.
Generally, there's no perfect time to give others' feedback. Most people hate criticizing others. But as a manager, I find that it's necessary; otherwise the performance review experience is less than desirable.
I have been using some performance feedback generators, and it's been helpful in helping me figure out how to phrase feedback so it's specific and mentioned in a way that's not careless or thoughtless.