Mathematical error behind crucial part of Global Warming Claims?

First the abortion and crime hypothesis was found to be based on a programming mistake, now this:

In the scientific and political debate over global warming, the latest wrong piece may be the hockey stick, the famous plot (shown below), published by University of Massachusetts geoscientist Michael Mann and colleagues. This plot purports to show that we are now experiencing the warmest climate in a millennium, and that the earth, after remaining cool for centuries during the medieval era, suddenly began to heat up about 100 years ago--just at the time that the burning of coal and oil led to an increase in atmospheric levels of carbon dioxide. . . .

But now a shock: Canadian scientists Stephen McIntyre and Ross McKitrick have uncovered a fundamental mathematical flaw in the computer program that was used to produce the hockey stick. In his original publications of the stick, Mann purported to use a standard method known as principal component analysis, or PCA, to find the dominant features in a set of more than 70 different climate records. . . . .

UPDATE: Nelson Clayton sent me this link to Michael Crichton's speeches where he goes into issues such as the one discussed above. The talks look very interesting. Thanks Nelson.