I thank James Bach, Danny Faught, Payson Hall, Douglas Hoffman, Noel Nyman, Bret Pettichord, Johanna Rothman, Carol Stollmeyer, and Ned Young for critiquing a draft. Alyn Wambeke copyedited the final draft. Yes, especially if based on checklists. Inspections of the code are rarely useful. Inspections of requirements documents or use cases are definitely useful.
Inspections are probably better.
There are better ways. The independent point of view will find bugs. Yes, especially if testers have domain knowledge or are good at putting themselves in the shoes of the users. Do a better job of requirements analysis. Zero in on undocumented and unexamined assumptions.