Imagine the possibilities. We could replace cells lost in diseases, from those that produce insulin in the pancreas of patients with type 1 diabetes, to the brain cells destroyed in Parkinson's disease.
Anyone who supports medical research for cure should take note of the startling difference between the Democrats and Republicans on this issue. President Obama supports advanced stem cell research; candidate Romney would criminalize it.
My lab just published a somewhat provocative paper (still in unproofed form at this point) arguing that induced pluripotent stem (iPS) cells are very similar in some ways to cancer cells. As such, the clinical use of iPS cells should wait for a lot more study.