A couple of graduate students in Turkey have published the incredible number of 40 papers in 22 months in high energy physics, many of them in top journals (like the Journal of High Energy Physics). Regrettably, they were all plagiarised, they just cut and pasted big chunks of other papers and added an introduction. Read it here, and here for a blog discussion. Some people in the comments mention even stupider cases, like a student who resubmitted two papers exactly as they were, just changing the title and author (this one, however, didn't get them published). What does this say about peer review and the refereeing process? I would say that not much, as Paul Ginsparg says in the article I linked:
In any case, this is a major embarrasment to the implied journal (not so much the individual referees, who many times have to work on articles about topics they don't know much about and are certainly overworked).
rofessor Paul Ginsparg at Cornell, who helped establish the arXiv, suggests that the impact will be minor. Because the fraudulent work was necessarily so derivative, it did not have a high profile or influence. "There's little effect on science," Dr. Ginsparg said, "since the people who produce high quality work don't need to plagiarize, and the people who do need to plagiarize don't produce high enough quality work to affect anything."
In any case, this is a major embarrasment to the implied journal (not so much the individual referees, who many times have to work on articles about topics they don't know much about and are certainly overworked).