I think it depends. Have you ever noticed that the cheese in Europe tastes way better than the cheese in America? I learned on the discovery/history channel (can't remember which) this is because the American pasteurization process is cheaper but it sacrifices the flavor of the cheese:
Europe pasteurizes their cheese for longer at a lower temperature which makes it taste better. Americans pasteurize their cheese for shorter at a higher temperature which makes it cheaper to produce. So whether the fake meat will taste better really depends on the price it costs to make it and the effort involved.
Here are some unrelated questions I have:
-Why is it so difficult to find good cheese in America? I'd pay extra for that.
-Will cattle farmers/etc. try to prevent the success of this like I've heard oil companies do with new forms of energy?
-Will people that normally don't eat certain kinds of meat for religious reasons eat this?