There are a bunch of caveats. The meat is not currently edible--they need to figure out how to "excercise" it to give it muscle tone. And it still seems to use some sort of meat brother for nutrients, which kind of defeats the purpose.
But it looks like vat meat may eventually be a reality, allowing vegans to indulge in juicy steaks and delicious chicken breasts without any intervening cruelty to animals. And if the environmental impact was lower than farming--as the article implies--it's an even bigger win. PETA may someday be a staid old lobbying group that spends most of its time carping about how people treat their housepets.