For those with a molecular biology background, check out the technical explanation here: http://www.addgene.org/CRISPR/guide/ Absolutely ingenious.
It's ironic that the cultures in an 'all natural food' like yogurt are apparently genetically engineered. I think it inevitable that the fear of genetically engineering will fade in our culture and it is also inevitable that we make a few monsters in the pursuit of 'shareholder value'. First step will be to find a better tag than 'designer babies'. That makes genetically fortified babies sound like a frivolous fashion accessory.
Probably in the next few years. This technology is new enough that it needs to stew for a few years. The discovery of miRNA is the fastest Nobel that I'm aware of, and that was something like 6 years or so, depending how you count when the discovery was actually made. CRISPR has the similarity that it went from nothing to universal adoption overnight. I've not yet used it, but I plan to in the near future. It's absolutely ingenious.