Your review should answer the following questions:
Some people take the not unreasonable attitude that if an author didn't have the time to spell-check and proof-read the paper, she probably didn't have the time to do careful experiments and proofs, either.
Since many authors are not native speakers of English, it is quite helpful to provide a list of places that need particular attention. You don't need to do proofreading, but alerting the writer to things a spell checker is likely to miss are useful (e.g., break vs. brake, effect vs. affect).
It helps to know how many papers are likely to be accepted, as a fraction. Typical journals like Transactions on Networking accept only about a quarter of the papers submitted; some conferences accept fewer.