The ethics of embryonic stem cell research is a hot topic right now. The main issue is whether or not federal funds (your taxes) should be used to pay for the research using embryonic stem cells. To my understanding, stem cell research was never banned - it simply was not federally funded. If stem cell research was as promising as the media makes it sound in curing all kinds of diseases, I would bet that "evil" profit-seeking pharmaceutical companies would have been investing billions into research already. Do we really want the government paying for research that so many people find immoral?
For me, the morality of stem cell research comes down to the question: "Is a fertilized cell a living soul?" It is my opinion that it is not yet a soul. It is a cluster of cells with no organs, no heartbeat, and is probably less alive than a few living skin cells I could scratch off my arm right now. Once that group of cells have multiplied and differentiated to the point of a heartbeat then I would say it is a life that God has ordained and is off limits to being intentionally terminated. 
I would object if cells are obtained by abortions, but I don't believe that is the case. To my current understanding, many of the embryos come from eggs fertilized for parents seeking in vitro fertilization and they typically fertilize more eggs than would actually be implanted.
What about using these cells for cloning? As a science-fiction fan, cloning sounds kind of cool. I agree it does feel somewhat like we are messing with God's historically established methods, but he revealed the technology for some reason, right? It really depends on the intent of the cloning.
Is it to grow replacement organs in lab? I'm good with that.
Is it to make a Star Wars army to defeat the evil empire? Not really practical.
Is it for designer babies created to the parents specifications? That bugs me, but I don't really know why. If a clone baby develops and God determines to place a spirit into that body, I'm okay with it. Every spirit is unique and therefore would not be the same person it was cloned from.
In vitro fertilization strikes me as unnatural, but I would never begrudge parents from wanting to have their own seed. Again, from an eternal perspective, adoption is just as good, if not a better option that I would encourage people to seek first. Now octo-mom and her doctor are simply irresponsible.
In conclusion, I am okay with embryonic stem cell research as long as the cells are obtained morally and funded privately.
