Is it time to retire the traditional Performance Appraisal?

Filling out heavily scheduled forms every 6 months or so doesn't work. It restricts flexibility, lacks personality, and simply put does not produce the results intended. A handful of new approaches, such as social peer feedback (work.com by Salesforce comes in mind) are poised to give old methods the boot. What is your solution? How do you give feedback? How would you like feedback to be given to you?