Big DNA molecule

I keep seeing this synthetic "genome" in the news and I really think its impact is being inflated by forces I don't care enough about to discuss (OK, Craig Venter's ego). It seems like a highly successful DNA polymerase reaction and no more. I must be missing something. From what I can tell, this is the story: this dude that is good at getting press made a giant DNA molecule that is probably enough to encompass a bacterial genome. Shit's been done for viruses already. They haven't even shown it's sufficient to direct bacterial replication or life or whatever. Again, I ask, what am I missing?