I think the point is that this is vegetarian meat. It sidesteps the whole issue of ethics in farming while producing something that will look and taste like cubed steak. These chaps will have learned from the textured soya protein fiasco and will know that it has to look and taste right or it will fail. I bet there's a ton of money behind this.
There will always be those who know what real food is, but real food is already a premium product out of the reach of many people. Given the prevalence of greasy chicken outlets in the high street an alternative source of cheap protein might be a good thing.
I can already see an interesting problem with labelling. If you can grow meat in a factory which is genetically indistinguishable from an Aberdeen Angus grown with four legs then what do you call it. Beef?