I would be whole-heartedly behind this, if an accountable structure is set up to encourage timely, standard, understandable feedback (in both directions). For too many people, though, "no annual performance review" is likely to translate into "I have no idea what my boss thinks of my work, even once a year."
In big move, Accenture will get rid of annual performance reviews and rankings
The firm tells The Washington Post that it will abandon its old system for all 330,000 employees, starting in September.
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There was a great detailed article about the research behind all this in the Harvard Business Review a few months back. Excellent reading.