Tamino has a rave review of the Hockey Stick Illusion up at Real Climate. I'm reading it now.
A few initial observations - there is a lot of discussion of proxy selection rules in Tamino's piece. This is complex for those who aren't embedded in the nitty gritty of the science, but stand back and ask yourself this: if you have over 100 series in your database, and one of these is the fourth most important pattern in the tree rings of a couple of closely related tree species in one area of the western USA, how comfortable are you that this series should form the basis of the temperature reconstruction for the northern hemisphere? The idea that you can reconstruct hemispheric temperatures in this way is deeply unsatisfactory.