Excellent post.  I am somewhat dumbfounded by the acknowledgement that  "The reviewer selection processes of most journals, and thus the qualifications of their reviewers, are ill defined."  I had a hunch that sometimes the acceptance or rejection of papers submitted to reviewers is arbitrary, even based on personal likes or dislikes of the reviewer with regard to the submittee.  But the fact that reviewer selection is essentially arbitrary calls into question the validity of the entire peer review system.