"Q" wrote in its 5 out of 5 star review: "Peepshow takes place in some distorted fairground of the mind where weird and wonderful shapes loom." Reviewer Mark Cooper hailed "Martin McCarrick's accordion that pokes its way into Peek A Boo [...] a carny piece of musical imagination". He noted that "the rest of the record bursts with similar acts of imagination", saying: "full honours go to the aforementioned McCarrick for all manner of shrewd decorations and drummer Budgie for endlessly inventive rhythm work that manages to pinpoint the tension inherent in each song without ever lapsing into an obvious beat". "Melody Maker" highly praised its first single, "Peek-a-Boo", and called it "quite the most astounding British record" of 1988, and "a brightly unexpected mixture of black steel and pop disturbance." The paper also praised the band for the ballad "The Last Beat of My Heart". Chris Roberts said: "The infinite pinnacle is their one joint effort, the bravura hymn "The Last Beat of My Heart"". As Martin McCarrick's accordion and Budgie's directly intelligent rhythms underlie its pathos, this elegy is translated by Sioux with capital beatitude. It's the Banshees' most courageous arabesque in some time." "Record Mirror" also particularly enjoyed that song when reviewing the album: "The highlight is the restrained 'The Last Beat of My Heart', where Siouxsie's voice explores new ground as she caresses a haunting melody." Reviewer Kevin Murphy concluded by saying: "Brimming with confidence [...], "Peepshow" is the Banshees' finest hour." "NME" noted a change of approach in the musical direction: "Peepshow is the best Banshees record since "A Kiss in the Dreamhouse" because it's the Banshees deciding to be a pop band rather than a rock group".