Models: some are good, some are not so good, some are useless.
To conclude, climate models can and have been verified against observations in a property that is most important for many users: the regional trends. This verification shows that many large-scale features of climate change are being simulated correctly, but smaller-scale observed trends are in the tails of the ensemble more often than predicted by chance fluctuations. The CMIP5 multi-model ensemble can therefore not be used as a probability forecast for future climate. We have to present the useful climate information in climate model ensembles in other ways until these problems have been resolved.
h/t to Steve Mosher
See also: http://www.gfdl.noaa.gov/cms-filesystem-action/user_files/tk/knutson_et_al_regional_trends_jan2013.pdf