OK, so the Schmittner paper is
out, along with a
commentary in Science, and I've had a few days to digest it more thoroughly. What
I said before about past v future asymmetry still holds true, but there is another point which may be more interesting.
The model results actually don't fit the land data very well, being generally too warm. A key plot is the sensitivity analysis where they compare results when land and ocean data were used separately, versus together. Clearly, the combined analysis looks almost identical to the ocean-only results, and the land-only results are radically different. In fact, they barely overlap with the ocean-only results.

Of course, there is no reason why these results should match exactly, or even closely - remember, they are not estimates of "the pdf of sensitivity" but rather, probabilistic estimates of the sensitivity - but they do need to overlap in order to be taken seriously (if they don't, at least one
has to be wrong). The true value has to lie in their intersection, which is rather narrow in probabilistic terms - the 90% range of the land-only pdf is 2.2-4.6C, that of the ocean-only is 1.3-2.7C.
The explanation for this near-disjoint pair of distributions is that the model does not represent the land-ocean temperature contrast well (this is a characteristic behaviour of this sort of model, as the authors acknowledge), so can only fit one set of data at a time. When faced with both, it prefers the ocean, partly because these data are more plentiful, and partly because it is given the prior belief that the land data are less accurate (which they probably are, to be fair). The poor fit to land data then results in the statistical method assigning even less weight to these data through the spatial error term mentioned in the supplementary on-line material, and in the end result they are almost ignored. In the final analysis, the cooling over land (and perhaps also the polar amplification) seems to be significantly underestimated, leading to their rather warm LGM state which is only 3C cooler than the modern (pre-industrial) climate. One might reasonably expect that their future simulations also underestimate the temperature change over land, meaning the sensitivity estimate is on the low side, too.
Jules has also been looking at some of these data recently, particularly in comparison to the PMIP2 experiments - that is, simulations of the last glacial maximum by several state of the art climate models, most of which also mostly contributed to the CMIP3/IPCC AR4 database of modern/future projections. One telling point is that several of the PMIP2 models actually appear to fit the data better than Schmittner's best model, even though these were not specifically tuned to fit the data. Moreoever, these models are all clearly colder, in terms of global mean temperature anomaly, than the -3C value obtained in this latest paper. We haven't done a thorough analysis of this yet but I think it is safe to say that there is a significant bias in the Schmittner fit and that the LGM was really more than 3 degrees colder than the present. The implication of this for climate sensitivity is not immediate (since there are also well-known forcing biases in the PMIP2 simulations), but this line of argument also seems to suggest that it may be reasonable to nudge the Schmittner et al values up a bit.
It is still hard to reconcile a high sensitivity with the LGM results, though.
UPDATE:
similar comments from RC.