It's a step in the right direction. There are going to be hurdles though.
A lot of countries have already banned a many genetically modified food (GMOs). You're going to see a lot of skepticism, and rightfully so, before people feed this to their kids.
There will also probably be issues over getting the right texture in the meat. Lastly, just because the meat is lab grown does not ensure that it is free of contamination. A ranch is not rampant with disease when properly managed. The animal's meat is safely contained within the body protected by its immune system. A massively scaled meat culturing operation could easily have dire problems with infection.
Guilt-free meat though will be a massive plus though, so I wish them success.