Some GE (GM) food is an acceleration of selective breeding, which has been done since humans discovered agriculture. I think this is unequivocally (nearly) OK, IMO.

Where one needs to be VERY careful is "transgenic" food. This means the gene from one organism is transplanted into the germ plasm of another organism. This is how golden rice is made, as well as experimental crops expressing Roundup resistance, and others expressing drugs or vaccines.

Chemical and Engineering News this week had an article on "pharming", which is making drugs in plants. They recognize how far seeds/pollens can travel. I think GM plants should be developed so that their pollen and seeds are sterile. Monsanto got grief for doing this, but it's the right way to prevent cross-contamination.

Pro's for GM foods/"Pharm" crops: golden rice, which has vitamin A in it; edible vaccines expressed in bananas for the Developing World.

Con's: cross contamination, right to know/consent rules. I think GM foods should be labeled as such.