A good review does not merely check the correctness of logical arguments, it gives suggestions for the exposition, citing the correct references, putting everything in the right context, etc.
Prestige to the reviewed, not to the reviewer.
Good, I just wanted to point out that peer review isn't primarily an arbitrage of truth, it is also to make sure the exposition is nice to read. When you get a reviewer who actually cares, you receive lots of feedback that isn't related to the correctness of Lemma 3.14.15 and stuff like that.