Well, we have done it. 

We have created the first-ever cell with a self-replicating synthetic genome.

Dr. J. Craig Venter and other research scientists of the J. Craig Venter Institute were the first to accomplish this historic feat. The cell itself is the shell of an existing bacterial cell with a synthetically produced genome inserted into it, so it is not entirety man-made.  However, it is estimated that within 30 generations, all the remaining proteins and parts from the original existing bacteria cell will be replaced by the proteins and parts produced by the synthetic genome.  You can see the full story here.

Dr. Venter co-founded Synthetic Genomics in 2005, a firm committed to utilizing modified cells for production of clean fuels and other biochemicals.  The company is finding that are many exciting applications for synthetic biology; in fact, Synthetic Genomics already has a contract with Exxon to produce enhanced biofuel-producing algae.  Perhaps in the future, massive oil spills will be cleaned by genetically-modified bacteria that literally consume the fuel and excrete something more environmentally friendly.  Unfortunately, at least for now, we’ll have to rely on more conventional methods.

Of course, this event has sparked ethical debates.  Surely one could imagine scientists accidentally creating a superbug that wipes out millions, or perhaps a discontented researcher that gives genetically-enhanced Mycobacterium leprae (leprosy) to terrorists.  These scenarios, however, are much more likely to be the main plot points of entertaining B-movies, at least for the near future.  There have also been recent statements that suggest that scientists should not overstep their bounds and should proceed with caution.  You can see what the Catholic church had to say here.

I, for one, see this as a great human achievement and look forward to demonstrations of the applications for synthetic biology.  I can imagine years from now looking at a timeline of technological breakthroughs, and seeing “first synthetic cell” printed under 2010.