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First Cloned Human Embryo
Human cloning, or at least the production of human embryos, is no longer hypothetical; a company called Advanced Cell Technology claims to have successfully done just that. DivideX0 writes: "The Scientific American has this article. Note the research was conducted in the U.S. although there are bills pending in Washington that will ban this research." There's also a story at MSNBC. Update: 11/25 16:07 GMT by T : Here's ACT's press release as well.
According to the Scientific American article (which you should read now), the company, Advanced Cell Technology, is not pursuing research on reproductive cloning. What they are pursuing is research on therapeutic cloning. Without going into details (go read the article), what this will eventually allow researchers to do is grow organs, tissues, etc. from the intended receipient's own stem cells. The stem cells are created using cloning. If this becomes reality, the benefits will be huge. It's called "regenerative medicine" (quoting their CEO) for a reason.
Reproductive cloning is more difficult. While the first stage is the same - insert new DNA into egg, prompt the start of division - reproductive cloning has many more steps required to create a baby. First of all, as far as I know, babies can't be grown in vitro, so you have to implant the cloned egg into a mother. There is massive potential for danger here, not only to the growing embryo but also to the mother. Furthermore, there are issues that have yet to be resolved, such as the possibility that cloned DNA is already "aged," leading to shorter life for the cloned person or animal. Neither of these absolutely critical issues is even touched by this research. Reproductive cloning is a long, long way off.
On the other hand, it appears therapeutic cloning is making much progress. I for one am excited by the possibilites, and I think that any legislative reaction to this research is purely reactive and would ignore the facts. I see no ethical problems with this research whatsoever, and neither did the ethical board overseeing this research.
-SymphonicMan