I think that everyone underpredicted 1995 - remember, 1995 ended up being the second most active year in the Atlantic basin. On the other side of the coin, everyone overpredicted 1997 - the year with one of the strongest El Nino events ever recorded. However, even after the significant downturn in activity of 1997, Dr Gray still felt that the Atlantic basin had started its multidecadal upswing in tropical cyclone activity - and so far he has been remarkably correct.

This upswing in activity is currently projected to last until about 2020. If you are addicted to storm tracking, that means about 17 more seasons (including this one) of higher than average activity. The sobering side is that the locations with a high frequency of landfalls in the 1940s and 1950s will be under the same threat until this current cycle ends.
ED