The word on the street says that:
The theory fails when modelling the galactic rotation speeds of dwarf galaxies.
The theory fails to agree with observations near the galactic centre.
The theory derives the galactic density from the rotation curves- they should be doing it the other way around.
The small number of bright galaxies they chose have high inclination angles.
The theory fails to address why galaxy clusters are held together.
Singular disk of matter in the Cooperstock and Tieu galaxy modelAuthors: Mikolaj Korzynski
Recently a new model of galactic gravitational field, based on ordinary General Relativity, has been proposed by Cooperstock and Tieu in which no exotic dark matter is needed to fit the observed rotation curve to a reasonable ordinary matter distribution. We argue that in this model the gravitational field is generated not only by the galaxy matter, but by a thin, singular disk as well.
The model should therefore be considered unphysical.
http://arxiv.org/PS_cache/astro-ph/pdf/0508/0508377.pdf (PDF)