You can review and approve edits at 5K rep and make them at 20K, I recall. For details, click on your current rep (shown at the top), choose the "privileges" link from the pop-up, then hyperlink to any privilege listed on the right.
However, the "tools" menu that was available in beta has vanished: it was through this that we were made aware of pending edits to review, etc. I haven't found any way to become aware of tag wiki edits automatically. If I suspect one has been made I can get to it through the tag:
Find the 'arcobjects' tag.
Link through 'edit'.
Link through 'edit pending'.
Vote. (I just approved it.)
Thus, it seems that in effect the only "peers" currently present on this site are the mods.