Given that adult stem cell research is showing great promise, and embryonic stem cell research is an issue that the jury is still very much out on, I would personaly like to see the research continue on adult stem cell treatments continue as the main effort. My main problem with the embryonic stem cell research issue is that it has been politicized to the point that it has been.
As someone on a military message board said, the reason that the embryonic stem cell research people need federal funding is that so far adult stem cell research has shown more promise, fewer side effects in testing, etc., so all the private money (or the bulk of it) is going toward adult stem cell research. If Glaxco Smith, etc thought they could make money off of it they would be funding the research themselves, much like biotech startups have done with other research projects.