The noise in the temperature records may not be as much of a pain in the butt as many believe. Each region of the Earth responds to various perturbations creating that noise in the data. The average response to all perturbations should be indicative of the general sensitivity of that regional climate to various forcing changes. Or the data could suck :)
Whether the more stable climate is good or bad? Dunno. The majority of the thermal mass of the Earth though is trending towards less variance in temperature. If the globe is trending towards less variance, then the sensitivity to forcing would be decreasing. Imagine that?