Soft Gravitons and the Flat Space Limit of Anti-deSitter Space
  We argue that flat space amplitudes for the process $ 2 \to n$ gravitons at center of mass energies $\sqrt{s}$ much less than the Planck scale, will coincide approximately with amplitudes calculated from correlators of a boundary CFT for AdS space of radius $R\gg L_P$, only when $n < R/L_P$ . For larger values of $n$ in AdS space, insisting that all the incoming energy enters "the arena" [arXiv:hep-th/9901079], implies the production of black holes, whereas there is no black hole production in the flat space amplitudes. We also argue, from unitarity, that flat space amplitudes for all $n$ are necessary to reconstruct the complicated singularity at zero momentum in the $2 \to 2$ amplitude, which can therefore not be reproduced as the limit of an AdS calculation. Applying similar reasoning to amplitudes for real black hole production in flat space, we argue that unitarity of the flat space S-matrix cannot be assessed or inferred from properties of CFT correlators. 
Tom Banks and Willy Fischler
hep-th gr-qc hep-ph