Ya, the title in BBC is misleading. I thought they finally put together a few organic molecules to make a cell, i.e. completely from scratch (the protocell so-called). This is just reprogramming the bacteria, only the chromosomes are from scratch.
The pros: We can create bacteria that can help us do things on a large scale that we can't.
The cons: We can create bacteria that can partake of the present evolution and reproduce into something we never intended it to.