Read about this consortium of journals that enables reviews to be transferred from one journal to another!
I definitely like this concept. This will reduce the time and effort involved in the peer review of submissions and speed publications of the results. This system is completely voluntary for authors. If the reviews from the first journal do not seem likely to facilitate acceptance at another journal, the authors can send the paper directly to the second journal as a fresh submission. However, if the author feels that the reviews may be helpful,transferring them can accelerate the editorial process.
Here is a link to the participating journals.
For reviewers besides reducing the load they also have the option to release their names along with the review in the event that the paper is transferred to another journal. I like transparency and hence support this idea.
Anyways, a definite thumbs up from me for the whole process. The flexibility is the system should suffice everyone to participate in it.