Yesterday a study appeared in the Quarterly Journal of the Royal Meteorological Society that suggests that the temperature trend over the last 15 years is about twice a large as previously thought. This study [UPDATE: Now Open Access] is by Kevin Cowtan and Robert G. Way and is called: "Coverage bias in the HadCRUT4 temperature series and its impact on recent temperature trends".
The reason for the bias is that in the HadCRUT dataset, there is a gap in the Arctic and the study shows that it is likely that there was strong warming in this missing data region (h/t Stefan Rahmstorf at Klimalounge in German; the comments and answers by Rahmstorf there are also interesting and refreshingly civilized; might be worth reading the "translation"). In the HadCRUT4 dataset the temperature trend over the period 1997-2012 is only 0.05°C per decade. After filling the gap in the Arctic, the trend is 0.12 °C per decade.
The study starts with the observation that over the period 1997 to 2012 "GISTEMP, UAH and NCEP/NCAR [which have (nearly) complete global coverage and no large gap at the Arctic, VV] all show faster warming in the Arctic than over the planet as a whole, and GISTEMP and NCEP/NCAR also show faster warming in the Antarctic. Both of these regions are largely missing in the HadCRUT4 data. If the other datasets are right, this should lead to a cool bias due to coverage in the HadCRUT4 temperature series.".
Datasets
All datasets have their own strengths and weaknesses. The nice thing about this paper is how they combine the datasets and use the strengths and mitigate their weaknesses.Surface data. Direct (in-situ) measurements of temperature (used in HadCRU and GISTEMP) are very important. Because they lend themselves well to homogenization, station data is temporal consistent and its trend are thus most reliable. Problems are that most observations were not performed with climate change in mind and the spatial gaps that are so important for this study.
Satellite data. Satellites perform indirect measurements of the temperature (UAH and RSS). Their main strengths are the global coverage and spatial detail. A problem for satellite datasets are that the computation of physical parameters (retrievals) needs simplified assumptions and that other (partially unknown) factors can influence the result. The temperature retrieval needs information on the surface, which is especially important in the Arctic. Another satellite temperature dataset by RSS therefore omits the Arctic from their dataset. UAH is also expected to have biases in the Arctic, but does provide data.

