The fossil record is a huge problem for Darwinian Evolution. I won't even go into the question-begging aspect of it, in that similarity does not prove evolution. I'll just say that the PE evolutionists recognized the problem with the fossil record and argued the problems very successfully. They saw the problem, saw the ramifications on Darwinian evolution, and proposed Punctuated Equilibrium to explain it. The problem is that the "hopeful monster theory" is no more convincing.
Charles Darwin predicted a steady evolution that would have left an innumerable number of "transition fossils". As a mattter of fact, according to Darwin, almost every fossil found should be transitional, because Darwinian Evolution is supposed to be a slow, continual process. He knew the fossil record did not show this, but assured the world that it would. Guess what? It still doesn't show this. PE evolutionists recognized this and developed their theory that would better fit what we actually find in the fossil record-- a mode of evolution that doesn't evolve for vast amounts of time, then evolves with a flurry of activity. You know why? because that's what the fossil record shows, if one is bound to evolution to explain it.
The fossil record is Darwin's "God of the Gaps". They'll keep looking, but what they find, as Gould put it is the "sudden appearance of species" in the record.