Darwin wrote that "The number of intermediate varieties, which have formerly existed on the earth, [must] be truly enormous."
However, Darwin recognized that the fossil record did not contain fossils of these "intermediate" forms of life: "Why then is not every geological formation and every stratum full of such intermediate links? Geology assuredly does not reveal any such finely graduated organic chain; and this, perhaps, is the most obvious and gravest objection which can be urged against my theory."
Hence the need for theories like "Hopeful Monsters", and "Punctuated Equillibrium".
Here's the bottom line: Out of thousands of species in the fossil record, only a few are claimed to be transitional forms. This lack of transitional forms poses, as Darwin said, "the most obvious and gravest objection which can be urged against [evolutionary] theory."
How do you resolve this objection?