Research on peer review to date has focused on its role as a formal compliance mechanism, a process for enhancing and developing teaching practice, and as a considerable source of anxiety for educators. In this paper, we draw on scholarly reflections from our experience of undertaking a reciprocal, formative peer review in an Australian higher education setting. Our findings provide novel conceptual, empirical, and practical insights by providing the first application of an appreciative inquiry framework to the process of peer review. We argue that adopting an appreciative inquiry framework assists us in learning from "the best" aspects of our colleagues' teaching. Moreover, it offers a framework for understanding and responding to some of the challenges long-associated with peer review. In doing so, it presents potential benefits pertaining to student retention and learning outcomes, while opening up new possibilities for researching and practicing peer review.