Marshall Shepherd has an outstanding piece in Forbes today fully summarizing the issues at play. Marshall is the Director of the Atmospheric Sciences Program at the University of Georgia, host of the Weather Channel show Weather Geeks, and a NASA scientist. He was also the 2013 President of the American Meteorological Society. He's an outstanding scientist and an outstanding scientific communicator.
It's clear that Marshall put a great deal of thought went into explaining the strengths and weaknesses of the two approaches. Note that he emphasizes the importance of looking at the climate system holistically, including the use of oceanic heat content, rather than just surface temperatures. This is something that we have discussed in previous posts (see Global Warming Hasn't Stopped). We are seeing unequivocal warming of the climate system. Arguments that global warming has stopped simply have no basis.