There will be plenty of people that will come out against this. I am not one of them. Like most leaps forward, there are positives and negatives to consider.
The hope is to be able to produce cells that will aid in medical treatments, produce new fuels, and deal with environmental pollutions like greenhouse gases and oil spills. But one cannot think about the creation of some biological entity that might be difficult to control (Hollywood and sci-fi have addressed this adequately).
A scripture comes to mind as I contemplate the spiritual ramifications:
And every plant of the field before it was in the earth, and every herb of the field before it grew. For I, the Lord God, created all things, of which I have spoken, spiritually, before they were naturally upon the face of the earth.