Seems to me that except for the year 2000, the the error bars of the observations fit into the projections for the past 15 years or so....
IPCC:
....
Also worth noting is the graph carefully omits the data from 2012 to 2014.
2012 had a +0.6 variation. Well in the middle of the projections.
2013 also had a +0.6 temperature variation. Dead center of the predictions.
2014 was +0.68 which puts it slightly above the central projections.
http://www.nasa.gov/topics/earth/features/2012-temps.html
http://climate.nasa.gov/news/1029/
http://csas.ei.columbia.edu/2015/01/16/global-temperature-in-2014-and-2015/
Seems your "spectacularly wrong" description is spectacularly wrong.