I’ve written about Reviewer 3 before (here, here, here, and here). Somehow the third reviewer has come to embody the capriciousness (and sometimes meanness) of the anonymous peer review process. Note that I believe in the peer review process, but am a realist about what it means and what it accomplishes. It doesn’t mean that every paper passing peer review is perfect and it doesn’t mean that every peer reviewer is doing a great job of reviewing.
When I’m a reviewer I see the peer review process through the lens of the line from Spiderman (Stan Lee), “with great power comes great responsibility”. I strive to put as much effort in to each paper I review as I would expect and want from the reviewers who review my papers. Sometimes that means that I don’t get my reviews back exactly on time- but better that than a crappy, half-thought-through review. I’m not sure that I always succeed. Sometimes I think that I may have missed points made by the authors, or I may have the wrong idea about an approach or result. However, if I’ve done a good job of trying to get it right the peer review process is working.