1. A system for assessing accuracy of selected models of physical phenomena and for determining selection of alternate models in response to a data sequence representing values of a signal in the presence of noise comprising: a residual value generator for generating a residual sequence in response to difference values between the data sequence and an expected data sequence as would be represented by a selected model; a feature estimate determination module for generating feature estimate values of a plurality of predetermined data features in the residual sequence generated by the residual value generator; a threshold determination module for generating, in response to the feature estimate values generated by the feature estimate determination module, a threshold value for each feature at an estimated ratio of data to noise; a feature existence probability value generator for generating, in response to the threshold value, probability values representing the likelihood that the feature exists in the data sequence, does not exist in the data sequence, and that the existence or non-existence in the data sequence is not determinable; a feature amplitude probability value generator for generating an amplitude belief value indicating the belief of the amplitude of the respective feature in the data sequence; a model selection module for selecting a model in response to the probability values generated by the feature existence probability value generator and the feature amplitude probability value generator; and a control module for controlling the operations of residual value generator, the feature estimate determination module, the threshold determination module, the feature existence probability value generator, the feature amplitude probability value generator and the model selection module in a plurality of iterations, during each iteration the residual value generator module using the model selected by the model selection module during the previous iteration.