Craig Venter
Scientist Craig Venter is best known for his company that mapped the human genome. He's also the first person to map his own genome. Now Venter is on to his next venture -- creating the first artificial life form that exists off of consumed human waste. Its purpose? To fuel and clean the planet. But is this type of innovation opening up Pandora's box?
Ref. ABCNightline
I have seen a story off this. One thing this is based off is an existing micro organism that feeds off waste and trash already. By increasing this potential and increase its intake needs, you can essentially create a bacteria that eats trash. As well, it will need to excrete something useful or at least benign as a bi-product. If it were to produce, say, carbon monoxide, that would be a horrible trade off.
Given mankind's track record of destroying more then it saves I would say yes. It is a great Idea that an organism could help recycle the waste we produce but Mico organisms tend to evolve quick and how long would it be before it evolves to consuming toxic waste and creating a real mess that was unexpected.