Anyone read Margaret Atwood's Oryx and Crake? Many of the things she described in her futuristic book are not that far off.
Personally I'm opposed to trying it, but that's because I'm lucky enough to have access to actual meat.
I fully approve of the research though, because if it does work (assuming no catastrophic health risks) it might be a good way to bring nutrition to people who need it. I can't oppose that with a clear conscience.
Ideally we'd just raise more animals, Allan Savory style.