Million dollar burger

PETA –People for the Ethical Treatment of Animals– has posed a challenge to the world's scientific community: The first person to come up with a method to produce commercially viable quantities of fake meat at competitive prices will receive a check for $1 million. The figure was determined by calculating the number of chickens killed every hour in the U.S. (about 1 million).

My questions are: can vegetarians eat this fake meat? Could one prove that lab-grown burgers don't have feelings? And which meat will be faked first?

See also: The meat of tomorrow, Where it came from, They are made out of meat.