Artificial life forms and the issues involved

Sorry I'm so late joining the discussions, I've been having computer issues. One topic I've been thinking a lot about recently is an article I read a few months back:

I am creating artificial life, declares US gene pioneer

"Craig Venter, the controversial DNA researcher involved in the race to decipher the human genetic code, has built a synthetic chromosome out of laboratory chemicals and is poised to announce the creation of the first new artificial life form on Earth.

...

The Guardian can reveal that a team of 20 top scientists assembled by Mr Venter, led by the Nobel laureate Hamilton Smith, has already constructed a synthetic chromosome, a feat of virtuoso bio-engineering never previously achieved. Using lab-made chemicals, they have painstakingly stitched together a chromosome that is 381 genes long and contains 580,000 base pairs of genetic code."

The spokesman of the project goes on in the article to talk about how he feels that this is a great leap forward for humanity and how this may help us solve problems such as global warming. He seems to have a very economical view of the issues involved, and doesn't seem to believe there even are any ethical issues. Without this team of scientists, this life form would never have the chance to experience existence, but does this give them complete domination over it? I don't think there can be a clear answer there.

Another issue glossed over is that we're opening a pretty big pandora's box here. It's undeniable that we are playing God, and by the looks of it, succeeding. However, it would be very, very easy for us to create something we can't contain. We have deadly enough diseases that evolved naturally, imagine ones designed intentionally. It would be impossible for... (I was just about to type "a technology" here, which shows how hard it is to think of an artificial life form like this. I don't know what word to use here.) something like this to flourish without attracting the attention of war-minded individuals and groups.

May we live in interesting times, indeed.