Right now all of this can already be done on the talk pages (corrections, suggestions, stamps of approval). But there isn't much of it being done.
Unless it's fairly widespread, it's not going to be very useful, so nobody really wants to start it. Once it gets going, it should speed up quite quickly. I'm a university student, so when term starts again I'll have a word with some of my Maths lecturers and see if I can persuade any of them to review some of the maths articles. Hopefully others will then follow suit and we can turn it into a more official system.