I do find it genuinely exciting. The same benefits of petroleum (safety, stability, portability, storage, and very, very flexible use) apply to any synthetic analogs.
The "problem" is that you pay full cost. Most synthesis methods lose about 50% of the input energy (mostly in hydrogen electrolysis). Where petroleum has historically offered 100:1 energy benefits, and is now typically delivers 20-30x the input energy, synfuels would cost you energy: 1:2 or worse. The equivalent energy cost increase is 40-60x that of present sources. That's not objectively a bad thing, but it's a tremendous shock to a system based on cheap energy.
The research as I said is impressive: Brookhaven National Laboratory (US), M.I.T., and the US Naval Research Lab, going back to Meyer Stienberg at BNL in 1964 (the suggestion itself came from M. King Hubbert, who'd first projected peak oil, in a 1963 paper). Progress, however, has been fairly scant, with only very small-scale tests.
The advantage would be a fuel that's infinitely miscable and substitutable for existing petroleum-based petrol, diesel, kerosene (a/k/a jet fuel), etc. And it can be carbon-neutral (via seawater or atmospheric-based carbon stocks). The disadvantages are cost and complexity as well as input energy. That said, I think it's well-worth pursuing.