This one seems to have lost the interest of most of you... maybe because of OWB's propaganda.
I'd like to take a very scientific approach here, and see what sort of reactions I get.
As a senior engineering student, we have had many classes dealing with Thermodynamics and Heat Transfer. The issue of the Earth sitting in the middle of a vaccum makes for a very simple heat transfer problem. Conservation of Energy states E(in)-E(out)=E(storage), and the only mode of transfer to/from the Earth is radiation! Radiation heat transfer is run by the Stefan-Boltzman law... this law is difficult to type out into the message board, but in the end, the understood issue is dealt with by two different properties of the earth... the absorbtivity of the earth (commonly denoted by alpha) and the emissivity of the earth (commonly denoted by epsilon). As long as the planet has a higher emissivity than absorbtivity, it will lose energy, the opposite, gain energy. The difficult issue here is in determining these constants for the entire planet at any given time.
Clouds lower the absorbtivity of the planet (actually increasing the reflectivity)... as temperatures rise, more water vapor is created, increasing cloud cover, in effect lowering the amount of energy the earth is taking in, thus helping to maintain an energy balance that has been working for a VERY long time.
This is my theoretical view on this issue, obviously if it were proven there wouldn't be any debates here, as the radiation constants for something as large as the earth are difficult to determine with any sort of accuracy, its just something I've been thinking about for a while. /end rant
For more interesting views on radiation heat transfer to/from the earth check out the Wikipedia article on albedo (the common term for absorbtivity of the earth).
http://en.wikipedia.org/wiki/Albedo