arcgis desktop - DEM/Raster Peak and Valley identification and/or elimination (non-generalization)

Is there is a tool or process that can identify and/or eliminate obvious peaks and valleys in a DEM?

I have looked into smoothing at What raster smoothing/generalization tools are available? but I am interested in keeping the original sharpness of the DEM.

The DEM is created using the topo to raster from a point cloud, so I seek suggestions on ways to identify the peaks and valleys from the pre-DEM point cloud.

I've looked at How to calculate peaks in a DEM too, but I am interested to see other ideas, and ideas from an arcgis point of view.