Sure the docs are still working on some really important stuff for us right now but this can be both a huge step forward in understanding life and also a huge pandora's box.
Genome transplants. Creating a lifeform. Using bacteria as a clean energy source. Or creating a biological weapon capable of killing millions.
Article:
First genome transplant turns one species into another (http://www.guardian.co.uk/science/story/0,,2114428,00.html)