I think the problem with this is that it can encourage retaliation. If I know you rejected my paper, I might be incline to reject yours. Now, a nobody like me probably can't get away with doing that to someone with an established reputation. But the other way around is certainly possible.
Hunh, this is a great idea. Rejected articles should be published as rejected, and all reviews should be published. I guess this is a bit like the open review model, like The Cryosphere uses, except I think they hide papers after the discussion period if they aren't accepted.