Review Process on Wikinews 
I appear to belong to the school of thought that wikinews should have less process and more wiki magic. I thus propose a review process that is reactionary to bad articles rather than the "write-publish" model that has also been suggested.
One of my current projects here is to flesh out any templates necessary to implement this review process, and then try applying it to some articles to see how it floats.
Article Stages 
Along with User:Regebro I am strongly opposed to having explicit article stages. I believe that they are unworkable and require clear ownership or authorship of articles in order to function. Such a review process could work better for editorials (if we do end up having them, some day), but it cannot work for articles that are written about events that would attract little editorial attention (and would thus never get enough consensus to be clearly marked as reviewed). The absense of a clear author who is invested in getting the article pushed through all of the stages means that a great deal of articles will be (and are) getting abandoned in the middle of the process.