How "Quantum" is the D-Wave Machine?

Recently there has been intense interest in claims about the performance of the D-Wave machine. In this paper, we outline a simple classical model, and show that it achieves excellent correlation with published input-output behavior of the D-Wave One machine on 108 qubits. While raising questions about “how quantum” the D-Wave machine is, the new model also provides additional algorithmic insights into the nature of the native computational problem solved by the D-Wave machine.