In general not bad, but only if the EU import restrictions for the US gene-manipulated crap crop remains.
At the risk of breaking orthodoxy and making some enemies here... the blanket opposition to GMO crops that is so strong in Europe and popular in many liberal circles here is something based more in emotion than science. While it is good to have close scrutiny and effective regulation to guard against potential harmful side effects, most of these changes allow us to feed more people with less land and energy, and that can only be a good thing given the alternative.
Every agricultural product that man uses has been modified in some way or another to increase yield, nutrition, etc. We wouldn't have civilization if that weren't the case.
The anti-GMO movement is, while not quite so disastrous and evil, the closest thing the left has to climate change denialism or ID hogwash.