Replace Annual Performance Reviews? Where Ya' Been?

In his book, Just Ask Leadership: Why Great Managers Always Ask the Right Questions, author Gary B. Cohen proposes a "radical practice": 

......replacing annual performance reviews with monthly ones. Monthly! The heart stops at the thought. And yet...take a look at the process the author describes. The reviews are conversations about the best way forward, not critiques of the past. Look in particular at the issue of timing. Might not this approach, if practiced regularly, lead to a whole different way — a much more mutually appreciative way — of looking at the job and the task at hand?

Sorry - but from my standpoint, regular reviews of performance need to be conducted even more frequently than monthly.  How about weekly (just a progress/synch meeting - but it's still better than monthly!)

An excerpt of chapter 2 of this book is pushed here at Strategy + Business magazine.