[Update: the actual article is now available: thanks John & Mike]
Two widely used statistical approaches to reconstructing past climate histories from climate 'proxy' data such as tree-rings, corals, and ice cores, are investigated using synthetic 'pseudoproxy' data derived from a simulation of forced climate changes over the past 1200 years. Our experiments suggest that both statistical approaches should yield reliable reconstructions of the true climate history within estimated uncertainties, given estimates of the signal and noise attributes of actual proxy data networks.
This is similar to (but I think there is more than... I really should finish reading it before I post...) von S's Science thing of last year, of which it sayeth:
One study by Von Storch et al. (2004--henceforth 'VS04'), however, concludes that a substantial bias may arise in proxy-based estimates of long-term temperature changes using CFR methods. VS04 based this conclusion on experiments using a simulation of the GKSS coupled model (similar experiments described by VS04 using an alternative simulation of the HadCM3 coupled model showed little such bias). The GKSS simulation was forced with unusually large changes in natural radiative forcing in past centuries [the peak-to-peak solar forcing changes on centennial timescales (~1 W/m2) were about twice that used in other studies (e.g. Crowley, 2000) and much larger than the most recent estimates (~0.15 W/m2--see Lean et al., 2002; Foukal et al., 2004)]. A substantial component of the low-frequency variability in the GKSS simulation, furthermore, appears to have been a 'spin-up' artifact: the simulation was initialized from a very warm 20th century state at AD 1000, prior to the application of preanthropogenic radiative forcing, leading to a long-term drift in mean temperature (Goosse et al., 2005).... These arguably unrealistic features in the GKSS simulation make the simulation potentially inappropriate for use in testing climate reconstruction methods.
We shall see.