I fear it will not be that easy to reproduce the current practice of peer reviewed papers in blogs. Despite its flaws, the reviewing process is quite a bit more

I fear it will not be that easy to reproduce the current practice of peer reviewed papers in blogs. Despite its flaws, the reviewing process is quite a bit more thorough than your avarage blog. On average, reviewers take their job quite seriously because, having been on the other side, they realize their power comes with responsibility. Moreover, the anonymity and randomness of the reviewing process --you don't choose what papers you review-- force interaction between people who, given the choice, wouldn't. The sciences already suffer from splintering, with the freedom of the web it would be even more tempting to remain in your own bubble.