I don't think it's justifiable to call it "life from scratch", Jake... the key phrase in the article clearly states "...Dr Venter's team intends to construct an organism with a "minimal genome" that can then be inserted into the shell of a bacterium.
By removing genes, one by one, from a bacterium called Mycoplasma genitalium they identified the minimum number of genes required for this particular organism to replicate, or reproduce, in its controlled environment."
So, taking genes from an existing bacterium down to the level where the bacterium can still (barely) replicate itself, inserting genes into other bacterium, thereby producing a hybrid, isn't, in my opinion, creating new life is it? In fact, it sounds suscpiciously similar to the gentically modified crops that have been developed for a number of years. These different crops (corn, wheat, etc.) have been modified by injecting various genes into the seed germs to produce crops that withstand drought or certain diseases. The public, for the most part, have reacted negatively to the consumption of such fare...