I just read a useful paper on peer review in archaeology in the January 2007 SAA Archaeological Record:
Lanata, José Luis, Mark Aldenderfer, and Michael A. Jochim
2007 The Peer-Review Process for American Antiquity and Latin American Antiquity. SAA Archaeological Record January 2007:12-15.
Yes, I know its 6 months old, but I am only now starting to catch up on journals and such after fieldwork in Mexico from January to July. I did a little checking, and there are quite a few good resources on peer review on the internet, quite a change from the situation when I was a grad student and then new PhD and had trouble finding good information on professional practices in archaeology. Here are a couple of sources to check:
Kris Hirst has a nice discussion on her About.com site:
The Wikipedia even has a very good discussion of peer review in general:
(Why can’t they get good entries on really important topics like the Aztecs?)
My primary reference was always this book, which is still very good due its continuing updated editions:
1995 Handbook for Academic Authors. 3rd ed. Cambridge University Press, New York.
I recommend Luey to any young academic (grad student, junior faculty); she give very useful information on journals, book publishers, editing, etc.