I remember marcus claiming somewhere that one of the QG researchers had claimed that Gravity was renormalizable. He had some graph of renormalization group flow or something, and it was some big result at the last loops conference. The thing that has bugged me (and perhaps this has been asked already here) is that there are lots of effective field theories that have dimensionful coupling constants (eg Fermi theory), that are clearly effective field theories. What happens if the same treatment is applied to them? Why should gravity be special, in that respect? Again, apologies if this has been asked before, but I know there are many here who can answer this question.