Trial by a jury of your work peers; is it effective?

If you are interested in workforce development and workforce management, you may find Amazon’s performance evaluation with a “jury of your peers” an interesting way of dealing with performance management.  What pros and cons do you see in dealing with underperforming employees in this manner?

Amazon’s Program for Underperforming Employees Includes a Courtroom-Style Videoconference With a Jury of Peers