Definitely. Fortunately the half-life of methane is a lot lower than that of CO2.
Yes. The survival in air half life is about 10 years. CH4 reacts with the OH- radical concentration and both are destroyed. Measurements of CH4 half-life in air about a decade ago gave the half life as slightly less than 10 years but now it is slightly more than 10 years as the OH- radical concentration is dropping, but the flux of CH4 into the air continues to accelerate. I.e. Global warming, fastest in the Arctic, is releasing CH4 from the tundra and shallow Artic Ocean floor. Now near the Siberian shore, "clouds," some more than a mile in diameter, are bubbling up too dense for sub sonars to function - where they had no problems in WWII.
We may be in a thermal "run-a-way" condition already.* The annually greater release of CH4 during 2012 removed OH- faster than natural processes could replace it, so the CH4 released in 2013, will on average remain in the air longer. Etc. Thus CH4 is the real threat, not CO2 as two different positive feedback are increasing its concentration in the air:
(1) CH4's destruction of OH- is increasing the atmospheric half life of CH4.
(2) The global warming effect of CH4, is increasing the rate of release of CH4.
One should note the CH4 is a "3D" molecule not the "1D" molecule that O=C=O is. Thus has more complex absorption spectra. More and wider absorption bands that absorb at more IR wave lengths and do so much more strongly. I.e. one CH4 molecule has same GW effect as about 25 CO2 molecules.
The two feed backs listed above do not include the feed back interactions with other molecules (CO2 & H2O, mainly) via global warming. I.e. The warming of the oceans reduces their ability to remove CO2 from the air and increases the H2O in the air. It is highly probable that the average increase in atmospheric humidity is responsible for the stronger storms, increase of flooding (more rain) and their greater economic damage.
{30 April 14 insert by edit: 32 now dead in < 4 days of tornados and flooding in US's gulf states} Some studies, indicate that the surface layers of tropical (warmer) oceans are now at saturation for CO2. - No longer absorption sinks for CO2.
The increase of humidity can be lethal: Human bodies at 37C degrees, even when just resting in a chair, need to dump ~100 W to the air. They do that mainly by perspiration (evaporation, which is impossible if the humidity is 100% and less as the humidity increases.) Less than an hour of exposure to 35C wet bulb temperature will kill you as the evaporative cooling with only 2 degrees C from total area of a naked human will not remove 100W. And it is not just humans that will die, but many animals will too. Those that live in water like alligators, sea turtles, hippopotami, etc. may survive 35C wet bulb conditions. Also note that temperatures above 40C are quite common in many inhabited parts of the world so all that is needed to make humans and many warm blooded animals extinct, is a little more ocean evaporation. I.e. at 40C you don't need 100% humidity to be lethal but I don't know how low it can go and still be lethal. Many do die in extreme "heat waves" now.
Unfortunately the amount of CH4 in tundra and on the ocean floor holds more carbon that ever existed in coal, probably more than in ALL economically recoverable fossil fuels than ever existed. So I don't see any limit to how much the multiple feed back processes now operating will be limited prior to reaching 35C wet bulb in at least the tropics and possibly in the southern US states.
* Lets hope we are not too late. In any case there is no reason not to switch the sugar cane based alcohol fuel for cars. It is cheaper per mile driven with zero subsidies (not the millions annually given to growers of corn). It is cleaner burning so tune up and repair bills are lower. But most importantly it is slightly "CO2 negative" instead of the very strong source of CO2 that gasoline is. This is due to fact some of the cane (the roots) remains in the ground and huge volumes of alcohol would be in ocean tankers, the storage tanks at ports, and the fuel tanks of more than 100 million cars if the world were to switch to that fuel instead of gasoline. Compared to switching to battery powered cars, the changes needed at car factories are trivial as the IC engine technology remains with just a few minor changes. (A monitor of the fuel mix so gasoline can still be used / mixed in as any percentage/ during the decade or so the transition would require, and some rubber gaskets and hoses that are not damaged by alcohol.) Alcohol fueled cars are a 30 year proven technology used in Brazil, now with "Flex-Fuel" cars that run on any mix of alcohol and gasoline. (I always buy alcohol as it is cheaper per mile driven and gives slightly more power.)
The area needed to supply all the world's cars still needing liquid fuel is about 3% of the arable land (less than world's abandoned pasture). No forest trees need to be cut, as Big Oil tells you. In fact if only the abandoned pasture were used, food production would increase as normally about every five years, soy beans are planted in the field instead of cane, to restore the available nitrogen content more cheaply than with artificial fertilizer. Brazil would love to be growing more valuable corps in it very fertile soil and importing alcohol for Africa and Central America, where millions now live "outside the cash economy." - Convert them into paid cutters and planters of cane so they can buy products made in more advanced countries. - A "win / win" for all but "Big oil."
For a very good discussion of the Artic Ocean CH4 problem, including brief view of the dense methane clouds bubbling up (at 7:30 & 9:45 into the less than 20 minute video), by four experts* watch:
https://www.youtube.com/watch?v=iSsPHytEnJM&list=PLRlpsECwDGcKBvVd3pJetCgROMKkNmCCA
* World renowned experts: Dr James Hansen, Dr Natalia Shakhova, Dr Peter Wadhams, David Wasdell (Apollo-Gaia Project). The second is Russian leader who has been measuring these Artic changes for decades. I STRONGLY urge you to watch this video to the end.