I am not opposed to genetic engineering like many of my friends for the exact reasons mentioned here. However, I find the practice of creating "terminal seeds" horrifying, and a potential threat to survival. I worry that creating crops, especially wind-pollinated crops like corn, that have "natural" insecticide qualities built-in will have long-term devastating ecological consequences - you cannot prevent that genetic material from getting out into the environment on a wind-pollinated plant, and plants hybridize, so those traits have probably already been "released into the wild." Insects, while some are crop pests, are incredibly important to our ecosystems, and we are already seeing pollinator collapses, which could lead to massive crop (and wild species) declines.
Some genetic modification seems helpful and non-problematic, however.