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.