Review panels determine the success or failure of most proposals, and writers are well advised to polish their prose in a manner that will win their approval. Indeed, many successful proposal writers count their service on review panels among the most powerful learning experiences in their own research careers. Information on how review panels work is abundant, but little has been written on the personal perspectives of reviewers—the critical factors that lead to their support or rejection of any given proposal, how they view the strengths and weaknesses of the peer review system and whether serving on panels has shaped their own proposal writing strategies. This paper presents the findings of interviews with sixteen senior Virginia Tech faculty with extensive experience on review panels. Most participants strongly endorsed the peer review system, though reservations were expressed concerning its administrative complexities and the difficulties in assigning proposals to reviewers with appropriate expertise. The paper concludes with reviewers’ recommendations to improve the overall system.