Has the internet made peer review redundant?

I was reading an article the other day where the person said the article was peer reviewed and this made it 'special'.

I am thinking aloud here but has the internet made this redundant?

Rogoff and Reinhart's blunder was seen quite quickly because of the internet not peer review.
 Andrew Gelman has a small piece here and here on such things.

Has the internet made peer review a public peer review and hence better if the writers take note of the criticisms?