Man playing god creating synthetic life form

craig venter creates a synthetic life form this was the head lines recently i saw in one of the the online news portal guardian and it is said that it took 10 years 20 scientists and an estimated $40 m to achieve such a incredible break through, scientists created organism that would have never existed before some thing like "life engineering" opening a new branch in scientific world is the man playing god?

but one thing that shocked me more was what would be the consequence of this curious invention to the mankind what if this falls in the wrong hands with power, greed, hatred it can be use of wrong and unethical purposes and who knows what can go wrong with these new life form could it lead to a new disease? some kind of mutilation with other kind of existing life forms possibilities and questions are endless so as usual for every invention there will always be a criticism!

but what would be the useful side of this discovery like the cons it has a huge list of pros from organ harvesting, new kind of medicine to fight existing diseases such as cancer and aids to human cloning and miracle agents cleaning our atmosphere according to venter the possibilities are unlimited and presently his research is merely the "tip if the iceberg" so my question at the end what could be hidden beneath the tip of the berg disaster or ultimate salvation for many problems?