Here is the draft [PDF] of the long-awaited defense of why we need an ultimate target of 350 ppm for atmospheric carbon dioxide, by NASA's James Hansen et al., titled "Target Atmospheric CO2: Where Should Humanity Aim?" (Yes, they know we're already at 385 ppm and rising 2 ppm a year.)
The paper does suffer from one analytical weakness that makes it a tad less dire than it appears -- and some people believe the core element of this analysis is wrong (see very end of post), although I don't.
This paper is really just a continuation of Hansen's earlier analysis arguing that the real-world or long-term climate sensitivity of the planet to doubled CO2 [550 ppm] is 6 degrees C -- twice the short-term or fast-feedback-only climate sensitivity used by the IPCC. (You might want to read this post first, as it is a bit clearer on the difference between the two sensitivities.)
The key paleoclimate finding of the article:
We infer from the Cenozoic data that CO2 was the dominant Cenozoic forcing, that CO2 was only ~450 ppm when Antarctica glaciated, and that glaciation is reversible.
That is, if we stabilize at 450 ppm or higher, we risk returning the planet to conditions when it was largely ice-free, when sea levels were higher by more than 200 feet!