Good news. For now, at least.

I just learned this on twitter (thanks to a retweet by @sciam).  Stem cell research funding ban suspended  This is hugely important!  Under the ban (that was just suspended), funds were pulled from researchers using any embryonic stem cells, including the original embryonic stem cell lines that were given the "okay" under Bush.  Many scientists, particularly younger scientist working towards tenure, had to scramble after the injunction was served.  Although NIH did not take back any funding, grants were completely taken out of the review process.  No funding=no jobs.  While a new professor may be safe for awhile (safe being relative, they still need to worry about getting published), the grad students and lab techs that depend on NIH funding not only for their research but also their paychecks were going to be out of luck.  Sure, grad students can apply for loans, but is that really the best option?  Rather than allow the morals of the few affect the direction of science, we should consider the greater good.  Advancing our scientific knowledge base is, and always has been, incredibly important.  And it's not as if there are no regulations in science.  That's just not true.  Universities have an Internal Review Board (at least, for human research; there's a different board for animal research) that research proposals must go through before you can even start your research, in order to make sure the research will proceed as ethically as possible.

I think it's clear by this post that I support stem cell research, even from embryonic cells.  But- embryonic stem cells have their problems, aside from the ethical debate.  The first (and clearest, in my opinion) issue with embryonic stem cells is the fact that they come from a source outside of the receiving patient.  Although I assume most people understand the ramifications of that, I'll say it anyway: any transplant from a separate donor requires some form of immune suppression in the receiver.  And, of course, immune suppression can lead to a host of other problems.  This issue can be overcome, but not easily.  Mechanisms of Disease: Nuclear Transplantation, Embryonic Stem Cells, and the Potential for Cell Therapy

Another problem with embryonic stem cells is the formation of tumors.  Tumourigenesis, 2010 discusses tumors that develop from embryonic stem cells AND a way to prevent them.

Hopefully those links will work for you (I'm able to get them via my University library login).  If not, let me know & I'll see what I can do.