Employer Reference Check

I came across a question on LinkedIn, asking details on the Reference Check, which gets done for the candidate community. This actually got me thinking, the different thinker that I am :), to see if there could be something different which could be done, in this line, which is getting crowded now.

Generally, the reference check is done on the candidate who wants to join the organization. Is there a way, wherein the candidate can get the reference check done on the company that he / she aspires to join and the reporting manager. We all have been told that people stick on / leave their managers, so doesn't it make sense to have the ref check on the reporting manager done?

This is basically an employer check, which right now might happen, thru some known circle or some ex employees, or hear say or some reports which get publised. But the actual financials, kind of environment the company offers, the way people are treated, the HR policies, appraisal / increment feedback, kind of work the employees are offered, etc. All these would be hyped / projected big, during recruiting and most of the times the truth would not come out, until the candidate spends some time in the company. Is there a way that we can get a first hand information on these aspects, which could be of great help to middle management to senior management professionals.

The candidates can be better prepared / would be able to take a call, whether they would want to work with that company / manager. This could help candidates in the mid to senior level.

Would this make a good business proposition? Would the current ref check companies be interested in looking at running this service?