Most scientific papers are probably wrong!

According to a report in the New Scientist:

John Ioannidis, an epidemiologist at the University of Ioannina School of Medicine in Greece, says that small sample sizes, poor study design, researcher bias, and selective reporting and other problems combine to make most research findings false. But even large, well-designed studies are not always right, meaning that scientists and the public have to be wary of reported findings.

The question is, is Ioannidis's paper wrong?

Update: Ioannidis's paper is available here.