> Of course, you still need something for leaders so they can dole out whatever limited bonus or promotion opportunities, so it isn't a panacea.

But, how do you ensure that that feedback even plays a role in one's review? In most companies I've worked, I'm skeptical. At the end of the day, one's job performance is judged by a human that is free to use or ignore all this feedback. And that human is usually your direct manager, so they often already have their own biases and self-generated feedback in their own head. "I think this direct report of mine is performing badly, but all of their feedback is good so I'll give him a raise" - said no manager ever.