This is an alternate version of "review" that is typical in the Software Patterns community in (mostly) computer science. It isn't blind, and the "shepherd" (not reviewer) works with the authors over a period of weeks to improve their submission. Shepherds are usually experienced at it and don't normally earn an authorship position from their work to improve the paper, though there was discussion about that some time ago.
The program committee publishes a list of papers with full authorship visible and potential shepherds offer to work on one or more papers (with the authors). If a "bid" is accepted by the committee then shepherding begins and a paper may go through several versions between authors and shepherds, generally a minimum of three. Both shepherds and authors are fully visible to one another and a shepherd is normally given an acknowledgement.
Ultimately the shepherd makes a recommendation on whether the paper should be accepted or rejected, and rejects usually come from authors unwilling to work with the shepherd on the contents. A paper that gets no bids from potential shepherds will likely be rejected, though someone might be assigned to work with the authors in any case to improve the paper for the future. There is also the potential for a workshop at the conference for these "not ready for prime time" papers, again with the goal of improving them.
This works in this, relatively small, community, in which experienced shepherds are generally known to conference committees. Shepherds make their availability known to the conference committee through an email campaign asking for shepherds. I don't know how it would work in a wider realm. I don't believe that in this community it has led to abuses.
Note, also, that these "pattern papers" are about the practice of things like software development and are not theoretical. Their intent is to spread the knowledge of "good practice" along with the evidence that it is, indeed, good. One of the "required" elements of a good patterns paper is the "known uses" of the practices described, so such things aren't especially "new". That is quite different from advances in scientific or other academic theory. That likely limits the applicability of such a practice.
I'm an experienced shepherd as well as an author in this community, so have seen the process from both sides.