As a vegetarian, i wouldn't touch it. I am a vegetarian not only because of the killing of animals, but also because meat is high in fat and cholesterol and is far more unhealthy than other protein-rich sources. I'll stick to my tofu and soy protein, thanks.
However, i do believe this would be good for the whole of society that eats meat. It removes the killing of animals from the equation without requiring people to give up eating meat. So from a "is it a good thing to do?" standpoint, i'd say yes, but don't expect a bunch of vegetarians/vegans to jump on board. This is more for the general public than veg*ans.