Actually we're already at the threshold of creating life in any form we wish - I believe it was a year or so ago that someone successfully implanted a fully synthetic genome into a bacteria...
That's the impression you'd get from skimming the headlines. I fear it's a bit sensationalist.
The experiment you refer to involved a synthesized -copy- of an existing organism's genome. An impressive feat, but not quite "creating life in any form we wish."
We've learned to copy-and-paste DNA. Right now that's about all we can do. Protein-folding is a hard problem, so we can't easily predict what a given DNA sequence will do, let alone invent new sequences. We can do a bit of remixing, copying a gene from here to there, but we can't create new genes yet.
We'll get there, I don't doubt that. But at this stage, our "synthetic genome" is just a xerox copy.
Informative link about the "synthetic genome" experiment: http://www.jcvi.org/cms/research/%20projects/synthetic-bacterial-genome/press-release/