Another good step towards biodiesel and ethanol from algae.
I'm still skeptical of biofuels in general, since they generally use lots of land and water and aren't that efficient. Algae are pretty darned efficient and (paradoxically, since they live in a pond) use very little water. If biofuels are going to work, they are going to be algal.
The only other reasonable biofue is celluosic ethanol, which is almost as much of a pipe dream as clean coal.