Add to this that reviews are generally held only once in an entire year, and the problem grows. You either get information that is too general to be helpful, or your reviewer only remembers the last things you did. If those last things are bad, you are really in trouble, because all of the prior good can be forgotten. There is a great chance you might not ever learn that you knocked three of four projects out of the ball park, and this last one was the only problematic one. And, without that information it makes it more difficult to plead your case and your worth as an employee.
A final problem with the review structure is that often one person is assigned to do them, and he or she may or may not be the person you are actually working with. I have sat in reviews while my reviewer sought to decipher the handwriting of the individual who I had actually worked with. While I knew the feedback was good, it would have been most helpful for me to talk to that person, so that I could get the good, and the areas of improvement.
What is more efficient? Working with someone on a project by project basis, and getting information straight from the source. I don't know about other industries, but in higher education and law this can be difficult to do. Humans avoid conflict. But to grow as an employee, you must get both your strengths and your areas for improvement. This allows you to develop ways to increase your worth and shore up the not so great parts. This can insure that you don't end up with a pink slip for performance, and have no idea why. Or have an endless cycle of poor fits for employment.
My suggestions:
1) Consistently ask for feedback. This means, when you work with someone ask them what you did well and what you could do better. If individuals you generally work with are uncomfortable doing this, find someone who is (there are people who feel born to do this in every company) and try to work with them for a while. This can help you see your areas of strength and weakness. Also, you can start the discussion by pointing out things they already say to get the ball rolling. This will require time, creativity and thought, but as this is your career and livelihood, it's a small price to pay.
2) Ask someone you trust what the general consensus is about your work. This is a great way to gauge the opinion in the company about you. This person must be sufficiently trusted and in the know to provide you with the truly helpful feedback you need. Many times, when reviewing the trainwreck that is a complaint in a court or a situation where an employee is about to be fired by a client, I see situations where an employee was going downhill fast, no one really knew how to tell them, and the employee had no one to turn to. Relationships with individuals in the company in a position to help you, be they co-workers in the know, subordinates with great relationships, or individuals in positions above you, is integral to your career success. In almost every firing situation I have seen, there were certainly little steps the employee could have taken along the way to turn things around.
3) Be honest with yourself. If you know you could have done better on that project, then you did not turn in stellar product. If you know you have been drinking way too hard, coming in with a hangover every day, and not paying attention at work, your work product is slipping. If you know your desk is becoming a backup zone, and projects you get take weeks to see the light of day, seek help immediately. Don't wait and let the situation get worse; the only person truly invested in your career is you.
4) Take a hint. If no one wants to work with you, if you struggle for repeat business, or if you see individuals outside of your group called in to pick up the slack though you find yourself not terribly busy, this is a giant danger sign. You need to find someone who is accessible and talk to them about how to repair your image.
If you are honest, and have a good insider to provide you with a true picture of your company reputation, you can see a pink slip coming from miles away, and find ways to divert it's arrival. Waiting for an annual review is simply not enough; if a problem goes on for an entire year, you had best be looking for a new job.