I believe the literature shows that code review is a effective way to find defects in software and to promote knowledge transfer. I think it's easier to put into place than pair programming. Unfortunately it's also socially stressful.
In my essay on code review I outline some of ways I've done code review and some reasons that people don't do it.
I want to promote the use of code review in general, and also more specifically in cheminformatics. I'm not sure how. I described a few in that essay. If you have more, let me know.