Without getting into the ethical implications which are fundamental and complex, This is an unprecedented step, a far reaching dangerous idea rapidly reaching its timely fruition, full of both positive potential and peril. Welcome to the 21st century We will really have to tread wisely and courageously here.

Aside some ethical questions on patenting life, this is very interesting.

With his company "Synthetic Genomics", Craig Venter wants

to make artificial organisms that convert sunlight into biofuel, with minimal environmental impact and zero net release of greenhouse gases. These organisms, he says, will "replace the petrochemical industry, most food, clean energy and bioremediation."
(See Silkweaver's clip Life 2.0")

PS: Venter was also the guy behind Celera Genomics.
Does the Human Genome Project ring a bell?

There are thousands of patents on all kinds of inventions that didn't work. I don't expect this to work like people are both hoping and dreading.

Yes... but eventually, for all the failed patents, somebody comes out with a similar patent that actually works. There are going to be synthesised life forms in the future, whether we like it or not. On the black market, people will be able to become amazingly rich from making and selling slaves. And as they do not need to steal them, there may be hundreds and thousands. On a lower scale (before humans are made), these could be used as nano-machines... except living, and thus being able to create more nano-machines.

Thats a scary concept gazco

Gazco-
I'm curious as to why you think this. I believe that one day some of the things you described will happen too. I just don't think it will happen with genetically engineered people.

In science, if a new life form is discovered, the researcher has the privilege of naming it, not copyright. (Maybe that will change.) Are they biodegradable ? Is the copyright holder prepared to pay for the problems that may be caused, in addition to reaping the rewards. What amazes me is that it only seems to be copying what nature is already doing, with algae, and photosynthesis. Surely it would be more sensible to work with what we already have. The only winners will be lawyers