I think that GM foods are a perfectly good idea as long as they are created and distributed very carefully. GM foods can make it possible to provide starving populations with the nutrients they need to survive, and can create a greater crop yield for the same investment of time and money. However there is always the danger that some kind of "superweed" will be created that will mutate and begin to take over farms and crops and the natural plant life of the planet. Also people can have allergic reactions to GM food (source 1).

Sources:

1. http://scope.educ.washington.edu/gmfood/
2. http://www.ncbe.reading.ac.uk/NCBE/GMFOOD/menu.html
3. http://www.ornl.gov/sci/techresources/Human_Genome/elsi/gmfood.shtml