Well just the word "Inspection" gives negative feelings, doesn't it? A peer review is aimed at improving the overall quality of the code. It's not a means of scrutinizing or penalizing someone for their work, it's about code improvement for the betterment of the project.
I haven't heard inspection used too often, but I believe it is more a one-on-one after someone else has gone over your code. So it might be the same, but the feeling surrounding it might seem more stressful. Peer Reviews should be a very stress-free environment for everyone to debate the code that they are looking over.
I've never been involved in a Code Inspection, though the name just sounds more formal like Phil says, but I have been in Peer Reviews or even Code Reviews; neither of which was a formal process but was more of an open ended discussion of the code.