This paper reports on the 2002 experiences with students’ peer-review of modeling exercises in a third year Information Systems course. While the peer-reviews did yield some positive and promising results, there were also some problems, and the goals set when introducing peer reviews were not fully achieved. Based on an analysis of student performance and perceptions, main causes for the problems were found to be lacking student motivation combined with unclear demands from teaching staff. For the 2003 offering of the course, the peer review process has been changed to remedy these problems, and this seems to have improved the learning experience for the students.