Slashdot linked up several articles (this is one of them) detailing a recent study that claims my grandchildren will probably end up with an arctic ocean that is ice-free in the summer.
However, I do think the quote, "the total melting of the ice cap would set free a massive flow of cold water" is somewhat specious. It's not like the thing will snap one morning and transform from solid ice to water. I would imagine the effect would be quite gradual. More interesting will be how, or even if, wind and water currents will change and therefore affect the climate of northern Europe.