Coalescing binary black holes are among the primary science targets for second generation ground-based gravitational wave (GW) detectors. Reliable GW models are central to detection of such systems and subsequent parameter estimation. This paper performs a comprehensive analysis of the accuracy of recent waveform models for binary black holes with aligned spins, utilizing a new set of $84$ high-accuracy numerical relativity simulations. Our analysis covers comparable mass binaries ($1le m_1/m_2le 3$), and samples independently both black hole spins up to dimensionless spin-magnitude of $0.9$ for equal-mass binaries and $0.85$ for unequal mass binaries. Furthermore, we focus on the high-mass regime (total mass $gtrsim 50M_odot$). The two most recent waveform models considered (PhenomD and SEOBNRv2) both perform very well for signal detection, losing less than 0.5% of the recoverable signal-to-noise ratio $rho$, except that SEOBNRv2s efficiency drops mildly for both black hole spins aligned with large magnitude. For parameter estimation, modeling inaccuracies of SEOBNRv2 are found to be smaller than systematic uncertainties for moderately strong GW events up to roughly $rholesssim 15$. PhenomDs modeling errors are found to be smaller than SEOBNRv2s, and are generally irrelevant for $rholesssim 20$. Both models accuracy deteriorates with increased mass-ratio, and when at least one black hole spin is large and aligned. The SEOBNRv2 model shows a pronounced disagreement with the numerical relativity simulation in the merger phase, for unequal masses and simultaneously both black hole spins very large and aligned. Two older waveform models (PhenomC and SEOBNRv1) are found to be distinctly less accurate than the more recent PhenomD and SEOBNRv2 models. Finally, we quantify the bias expected from all GW models during parameter estimation for recovery of binarys masses and spins.
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