The CF conventions specifies some elements of the coordinate system but not how to include the geographic coordinate system (datum) portion. Because of this, it is always assumed to be the WGS 1984, whether the data is referenced to a projected or geographic coordinate system. A projected coordinate system is based on a geographic coordinate system and must always be specified. Because of the assumption of WGS 1984, data that is actually referenced to a particular sphere or another spheroid (ellipsoid) may not align with other data layers.
Another thing i still cannot figure out how to resolve is that ArcGIS assumes the projected coordinate uses WGS84 as datum as explained here
http://help.arcgis.com/en/arcgisdesktop/10.0/help/index.html#//004600000017000000.htm