Recently, new ocean heat content (OHC) measurements revealed that the global ocean volume was not warming (retaining heat) as climate models predicted. This same phenomenon of model failure can be seen when examining the combined land/sea temperature record published by NASA-GISS, through the month of February, 2011. (click on image to enlarge)
Noting that the GISS global temperatures are considered suspect even by other climate agencies (over-the-top temperature fabrication is not what many would consider acceptable science), the HadCRUT global temperatures have been added to the graph.
In the case of HadCRUT temps, the difference between model and actual temps is now close to 1 degree. That's kind of like aiming a cruise missile at Tripoli and its ending up in downtown Cairo - definitely, robust incompetence at play.
Despite a continued healthy growth of CO2 emissions ("business as usual"), global temperatures have failed to respond in the manner that climate model simulations predicted. In fact, temperatures have been basically flat since 1998, which the below graph shows. And for the last full 15 years, there has been no statistically significant warming.
Additional charts: Climate Models Modern-Temps Fabricated-Temps Historical-Temps
Note: CO2 "business as usual" link above was added on June 11, 2011.