Good points. And we should remember that the editor chooses the reviewers, and not at random. I edited a journal for 7 years (until I burned out from having to read bad manuscripts), and I know how reviewers are chosen. The editor learns which reviewers make only cursory comments (or turn the task over to grad students), which ones make constructive criticisms, and which ones just like to tear manuscripts to ribbons.
Also, a good editor does more than wait to see what manuscripts come in the mail. He solicits papers from the leading researchers, for example when they are active in "hot" areas that the editor wants to include in the scope of the journal. Marvin Margoshes