Most people spending much time on the blogosphere are well aware of claims that “Global Warming stopped in 1998” or similar-style remarks. Even though the 1998-2008 period contains most of the warmest years on the instrumental record (something that is very unusual), and all the years are well above the traditional 1951-1980 (or 1961-90) climatologies, a key focus for skeptics has been the lack of upward slope in a linear regression over the 1998-2008 period.
It has also been emphasized by many that a traditionally defined climatology involves roughly 30 years of data, and so at least a few decades are needed to say much about the underlying trends in climate. However, there is not much in the peer-reviewed literature regarding the probability (or significance) of decadal flatlines, or coolings, when the climate regime is superimposed on a long-term warming trend due to radiative forcing. This is the subject of an upcoming paper in Geophysical Research Letters by David Easterling and Michael Wehner in Is the Climate Warming or Cooling? (subscription required, abstract not available since the paper has not been formally published yet). Their conclusion is that these kind of decadal time-frames can yield slopes of either warming or cooling in a warming world, even in the later 21st century, and nothing is odd about the 1998-2008 trend.