My reading of it is that the original Mann analysis stands up, ie. Mann 1999 is largely correct, and that McIntyre's analysis is flawed. The Wahl 2007 paper contains some "interesting" language:
"Altogether new reconstructions over 1400–1980 are developed in both the indirect and direct analyses, which demonstrate that the Mann et al. reconstruction is robust against the proxy-based criticisms addressed. ... Also, recent “corrections” to the Mann et al. reconstruction that suggest 15th century temperatures could have been as high as those of the late-20th century are shown to be without statistical and climatological merit. Our examination ... leaves entirely unaltered the primary conclusion of Mann et al. (as well as many other reconstructions) that both the 20th century upward trend and high late-20th century hemispheric surface temperatures are anomalous."
My reading of it is that the original Mann analysis stands up, ie. Mann 1999 is largely correct, and that McIntyre's analysis is flawed. The Wahl 2007 paper contains some "interesting" language:
"Altogether new reconstructions over 1400–1980 are developed in both the indirect and direct analyses, which demonstrate that the Mann et al. reconstruction is robust against the proxy-based criticisms addressed. ... Also, recent “corrections” to the Mann et al. reconstruction that suggest 15th century temperatures could have been as high as those of the late-20th century are shown to be without statistical and climatological merit. Our examination ... leaves entirely unaltered the primary conclusion of Mann et al. (as well as many other reconstructions) that both the 20th century upward trend and high late-20th century hemispheric surface temperatures are anomalous."
"without statistical and climatological merit" - heh. Them's scientific fighting words.