I tried it with my team about 4-5 years ago and found it, while useful, to be too much overhead for the benefit it provides, especially when compared to normal ad-hoc code review.

I will do something similar as part of big product releases though: I'll get the team together and we'll do a once over walk through over everything end to end. Normally this produces about an additional sprint (two weeks) of work ahead of the launch as you uncover problems and people see things with fresh eyes. So make sure to build that time into your schedule.