While I am happy with my penis, I can agree with the OP. It is not that great for the cost. If I hadnt had insurance cover it, it would have costed me well over 200 grand (counting costs of related complications). Great results, ridiculous cost.
I hate to be the bearer of bad news, but the reality is the lab grown penis thing won't happen within any of our lifetimes. A penis is pretty low on the list of organs that they will be working on growing. Hearts, lungs, kidneys, etc. are all organs that are in high demand and low supply. Since a penis isn't deemed necessary to live, it will be quite a wait until they put some real work into growing them. Maybe in the next millenium, or even in the next couple centuries, but don't hold your breath.