A story that our TA in EE40 (Signals in Systems) at Berkeley really stuck with me: in the early days of personal computing, when you would go to Radio Shack to buy a set of transistors, you had to individually test each one, because they had a 50% chance of not performing to spec. Biology currently is in that stage, though multiplied by another order of magnitude.
I'm looking forward to someone trying to make bitcoin selling packets of fluorescent yoghurt bacteria on the Silk Road.
For example there is the 1000 genomes project [1], and a project I am working on is sequencing about 100 ovarian cancer tumor / normal pairs. Most of this sequencing is complete, its the bioinformatics that takes the time.
GWAS studies (studies of correlation between disease and common SNP's) have not told us much that is actionable, but have provided us with "low hanging fruit" for further study, which is valuable.
Its very early ways, but genomics will completely change the diagnosis and treatment of cancer over the next 10 years.
Correct me if I am wrong, but we have sequenced thousands of genomes but not human. We only have a handful where handful is < 1000) of full human genomes AFAIK. 1000 genomes isn't done yet AFAIK (their page on sequencing progress is down unfortunately). The human reference genome is a mishmash of multiple genomes. It also contains huge sections of chromosomes that are just N's (blank) because assemblers are unable to determine what goes there. On top of that, an actual human genome is not one genome. At they very least there are alleles which can be different from each other and in general there can be many genomes (cancer). Haploid sequencing is coming, hopefully soon, if SMRT really pans out but, in my opinion, to say our knowledge of even the sequence data in a human is adequate is a stretch (I'm not saying that you said that).