Icedern: Unless you do it correctly. The best sight picture and aiming method in the world with a peep is to have a round front site guard, like a Spot Hogg say. You have a ring of highly reflective tape around the back side of it. You ream your peep out to the size that allows you to align the reflective tape in a concentric circle with they peep ring. Taped sight guard should just fit inside the peep at full draw. That way you have a 360 degree alignment. Your site pins are centered in the sight guard. You sight by centering it all, peep, sight ring and pin gang. The large peep hole lets in all the light and you're dead centered up everytime at any range. It gets no better. Where people go amuck is when they try to center each individual pin at the various ranges in the peep. It takes a couple days to get used to it but you'll find your groups instantly tighten at all ranges.
For example. The black ring is your peep opening, the green ring is the tape on the sight bracket and your pins. That picture should never change. Simply settle the appropriate pin on the desired impact point.