Your post inspired me... I suddenly wondered why nobody had done that, it should be possible...
http://en.wikipedia.org/wiki/In_vitro_meat
Apparently the only thing holding it back is financial considerations.
I wonder what the hell the moral implications of this'd be...
Which has the moral high ground; eating meat which didn't come from a conscious animal, or eating meat from an animal which had a life?
I bet it's largely moral taboo holding this back at the moment... and I bet it'll be waived when mass starvation sets in in the Westernised world.
Edit: This is bizarre... personally if there's no particular incentive either way I'd go for real animals, because you're creating conscious beings; as long as they're not in poor conditions.
PETA however is providing a $1,000,000 prize to the lab which firsts produces in vitro chicken... I think that's ridiculous, that's just... deleting animals. Billions of animals which would have lived will never have existed.
This really goes straight to the crux of moral philosophy. It's confusing stuff.