The BBC's Material World programme interviewed Prof Paul Valdes, a climate modeller. The message appears to be that climate models are very bad at reconstructing major climate shifts in the geological record and are probably bad at predicting future ones too.
The conclusion of the interview appears to be that it's worse than we thought. This struck me as slightly odd given that the rest of the interview appeared to revolve around the fact that the models don't tell us anything very useful.
Eduardo Zorita has further thoughts at Klimazwiebel.