The risk of members reviewing showpiece work, and those comments being open to 'consumers', is that it could lead to disputes and accusations of cronyism, but providing it was carefully managed, it might work. I agree with Jon, that there should be some form of test so that it isn't just open to abuse, i.e. need to demonstrate that you're active and using the forum in the way that it was intended. Definitely worth trialling, and it would provide an area where music critics, music promoters, etc could be directed towards.
Mike