First off, there is no ban on stem cell, embryonic stem cell, adult stem cell, cord blood stem cell, or any kind of of stem cell research. At all. There is no ban on harvesting them from embryos (no matter the source, in vitro clinics, etc), adults, or crack heads off the street. You can do research on any aspect of stem cells harvested from whatever you want. Then entire debate (and the recent bill) is over whether or not the federal government should fund stem cell research.
Secondly, there is no ban, much to my chagrin, on federal funded research into stem cells. The Bush administration decided that there was a cut off date in 2001 and that any research done on lines of stem cells harvested before that point were fully usable for federally funded projects. If you wonder why you can't receive federal funding for research using stem cells harvested after that point, well, Bush's target demographic are right wing Christians, and any debate about this eventually leads to the slippery slope of abortion. Not an argument I want to delve into here. Just suffice to say that you can get (grr) federal funding for stem cell research. Not only is there not a ban, you can get the government to foot the friggin' bill.
With all that said, I think stem cell research is possibly one of the most promising things to come out of medicine ever. So why do I sound vehemently opposed to any federal funding of stem cell research? I quote Samuel Broder, former researcher at the National Institutes of Health and former director at the National Cancer Institute:
"If it were up to the NIH to cure Polio through a centrally directed program you'd have the best iron lung in the world but not a polio vaccine."
That is to say the government should have no say in medical research. None. They're horrible at it. The government doesn't hire the best in the field, just look at the fucking patent office if you need any proof. Any medical research funded by the government is mainly a coosh job where nothing is expected and you ride it out until your grant is over. Have a private entity fund you and see if you can skate by with shit for results.
In addition, me being a fiscally conservative fellow, despises the idea of tax money going to fund research. Oh, you think without that money we'll never get anywhere? Oh wait, human Embryonic Stem Cells were isolated and cultured for the first time in 1998 using privately funded research, after Clinton(!!!) signed off on the Dickey Amendment, banning federal funding for any research that involves either creating an embryo, or destroying an embryo in the course of the research. Damn, how'd they pull that off?
After all of that, I still have one more reason why funding this stuff with tax money is a bad idea: if the federal government funded your stem cell research, it would be under their guidelines on how it was carried out, to what end it would be for, what spin could be put on it, and to what purpose it would serve. For example, do you think a republican administration would care if any effort went into AIDS treatment? While I'm not sure of exactaly what control they have over projects that get funded, it would be ludicrous to imagine they would hold no sway at all.
There, I'm done. Maybe I didn't change your mind, but at least you heard a semi-lucid explanation from the other side that doesn't involve when life actually begins or who gets to play God.