From the NSIDC:
"Sea ice extent has fallen below the 2005 minimum, previously the second-lowest extent recorded since the dawn of the satellite era. Will 2008 also break the standing record low, set in 2007? We will know in the next several weeks, when the melt season comes to a close. The bottom line, however, is that the strong negative trend in summertime ice extent characterizing the past decade continues."
Note, 2007 has pulled further into the lead in the last week of August. However the bet comes out, though, the serious story is that this year has essentially equalled in practical terms last year's unprecedented decline. Note in the chart above the comparison with the previous ice extent minimum in 2005.
Deltoid has some fun with the denialist camp on this one, starting with some recent unfortunate foolishness on the Register. Comments off, discussion referred to Deltoid please.