The prize is to have sustainable, renewable food sources, with enough yield to supply the world's hunger. I see no problem with attempting to manipulate genetics in order to achieve this goal.
HOWEVER, i liken this case to a child running before learning to walk....

We may be on the right path, but we are trying to get there too fast... Not all of the ramifications to our long term health of this genetic alteration are clear. This is what scares me, in today's capitalistic driven world, if those scientists don't produce something that is marketable, they have failed and may be out of a job. This is creating a "rush" scenario in which the long term health affects are not properly documented in favor of getting the product to market.
Furthermore on the topic of Monsanto, being a farmer and growing up in that world, I understand the family farm concept and how big farming is destroying them with something I never thought possible; OWNING /PATENTING A LIVING ORGANISM!!!!
To give an example, this is like if I had the rights/patent to a Bull Cow, and I let that Bull cow loose in another mans herd of cattle. After my Bull has impregnated all the cattle, i then goto that farmer with my legal team and say, all of your offspring are belong to us. It's INSANE.
Genetic Modification and yield increases are required if we as a planet plan on feeding ourselves. I think we just need to be a bit more cautious in our approach as to ensure we're not running before we know how to properly walk.
my 2 cents....