If the reviewers/selectors aren't going to be paid by somebody, and are all volunteers, how does one know which reviewers to rely on? I'm not just talking about quality of reviews (or of writing), but compatibility. For example, take a look at the threads here at Mobileread about Terry Pratchett. Many, many people like his writing. But not all of them like all of his books equally. I personally like the stories with the witches, and find the wizards tiresome. At least one person has posted that they have exactly the opposite view. And here we're talking about the same author!
What I'd like to see is a system that matches readers with other reviewers based on books they've liked in common (e.g. the way LibraryThing works), plus the ability to rate reviewers. As for getting good, well-written reviews posted, how about something like the Amazon referral system? Let's say I'm looking at a review site, and someone who likes a lot of the same books I do is recommending Book X. The review appears in my recommended list because of the similarities between their interests and mine, and I read it and decide to buy Book X. If there's a "click here to buy Book X" link at the bottom of the review, and that's automatically tied to that reviewer's Amazon account (or whatever), then they get a referral bonus for every copy sold. Now, if I read the book and decide the reviewer was out of their head when they wrote the review, I can come back into the system and give them negative feedback, as with eBay (or even Amazon again, which has the "was this review helpful to you," but doesn't require purchase before rating the review). Negative feedback on a reviewer causes their future reviews to drop in rank in my "recommended" list-- and maybe other "recommended" lists, as well, to some effect. But positive review feedback causes future reviews by that reviewer to float higher up in my list, and lots of positive feedback gets reviewers to the top of the overall lists, where new people joining the system are likely to see them.
How does an independent author come to the attention of these reviewers? Let's assume the system takes submissions (and checks for plagiarism), and holds them in a queue, ready to process through Feedbooks into whatever format is desired (or even POD). An author could send a reviewer email or private messages through the system asking for their works to be read, but that would get pretty overwhelming once a reviewer got well enough known. Newer, less well-known reviewers might have less incoming email, but wouldn't get an author as wide coverage, either.
Authors might form writer's workshop groups, and senior authors (who had achieved high ratings within the system) might recommend works by newer authors to reviewers who they think might like them. This would also help to provide some of the editorial process that publishers currently provide. There is still the question of how new writers would find workshops to join, but perhaps managing that could be helped by this system, too.
I don't have all the answers. But I do think that editing and reviewing, like writing, are talents that mature with time and practice, and I'm not sure I want all my fiction to be edited or reviewed solely by enthusiastic amateurs.
Whatever ends up replacing the current publishing system, I think it will need to compensate those who excel, to encourage excellence.