Earth's dipole field has been diminishing in strength since the first systematic observations of field intensity were made in the mid nineteenth century. This has led to speculation that the geomagnetic field might now be in the early stages of a reversal. In the longer term context of paleomagnetic observations it is found that for the current reversal rate and expected statistical variability in polarity interval length an interval as long as the ongoing 0.78 Myr Brunhes polarity interval is to be expected with a probability of less than 0.15, and the preferred probability estimates range from 0.06 to 0.08. These rather low odds might be used to infer that the next reversal is overdue, but the assessment is limited by the statistical treatment of reversals as point processes. Recent paleofield observations combined with insights derived from field modeling and numerical geodynamo simulations suggest that a reversal is not imminent. The current value of the dipole moment remains high compared with the average throughout the ongoing 0.78 Myr Brunhes polarity interval; the present rate of change in Earth's dipole strength is not anomalous compared with rates of change for the past 7 kyr; furthermore there is evidence that the field has been stronger on average during the Brunhes than for the past 160 Ma, and that high average field values are associated with longer polarity chrons. There is no evidence from recent millennial scale time-varying paleofield models to indicate that the field is entering a polarity transition. Nevertheless, it remains a reasonable supposition that the magnetic field will eventually reverse even though the time scale is unpredictable. A more immediate concern is that ongoing secular variation in the magnetic field may be expected to moderate the current high dipole strength on centennial to millennial time scales: it would not be surprising if it dropped substantially, returning closer to the average without necessarily reversing. This could have important consequences for space weather, and also highlights the need for improved understanding of the impact of geomagnetic field strength on the production rates of cosmogenic isotopes that are used to estimate past solar variability. (c) 2006 Elsevier B.V. All rights reserved.