Paul Krugman provides an overview of the current state of macroeconomics in the Times magazine. A lot of this is really great, but I think it oversells the differences between the Chicago guys and the Berkeley/Harvard people. Controversy, even when it's a little overstated, makes for great journalism!
UPDATE 9/11/2009:
Check out what John Cochrane (in a direct response) and Barry Eichengreen (in an earlier piece) have to say courtesy of Greg Mankiw's blog.
