Informal review is otherwise called as peer review.  It is 
a friendly approach and is conducted among the testers.  It 
is not scheduled before and no reports are prepared for 
this review.

Hi Aman,

Peer review is a small review which is done/shared within 
the team membersi,e you have written some testcases and 
your friend has written some testcases u share ur testcases 
for a review with your friend,just to know whether u have 
missed anything or not 

review is nothing but a checking process

Hi Tulsi,
Thnx a lot dear 4 ur answer.. i think its a perfect 
answer.. i really needed this.. Tulsi, r u workin smwhere?? 
i think u can help me a lot in testing.. thnx again Tulsi..

Peer Review is nothing but an informal review and is the 
process to forward the testing documents to your colleagues 
and tell him/her to check that find out for any errors what 
unintentionally you have missed out.

in simple words Peer Review means "two testing teams, 
testing each other's work" it is also known as buddy testing
but this is not followed by the orgs currently.

Peer review is a Informal meeting between the team members
who are working under the same Project.This can be done
between the testers or between the tester and the developing
team to check whether they both are in the same path on the
requirements or anything needs to be changed.This will be
done during each phase of the project.