Since Cali isn't here yet, I'll do my bit...
The abstract of the paper detailing this reads as follows
We report the design, synthesis, and assembly of the 1.08-Mbp Mycoplasma mycoides JCVI-syn1.0 genome starting from digitized genome sequence information and its transplantation into a Mycoplasma capricolum recipient cell to create new Mycoplasma mycoides cells that are controlled only by the synthetic chromosome. The only DNA in the cells is the designed synthetic DNA sequence, including "watermark" sequences and other designed gene deletions and polymorphisms, and mutations acquired during the building process. The new cells have expected phenotypic properties and are capable of continuous self-replication.
The full paper can be found at
http://www.sciencemag.org/cgi/rapidpdf/ ... 0719v1.pdf
The whole venture could be summarized as follows.
1) Identifying the minimal complement of genes required for the survival of the original Mycoplasma mycoides organism.
2) Synthesis of the minimal complement from scratch using chemical nucleosynthesis.
3) Stiching it up and incubating the genome as a plasmid in bacteria and then in yeast to obtain large numbers of copies.
4) Taking Mycoplasma capricolum and removing its DNA
5) Introducing the new genome into the empty "shell" left behind by the process.
6) The organism resulting thus has demonstrated the properties of a living cell and has a completely unique genomic composition, hence it is , to put properly, a synthetic lifeform.