Is it sad that they're playing with human lives to try and advance what science can do? Maybe. Is it necessary? I think so.
Great advances in science have rarely ever been clean, and are almost always controversial. It was, what, a hundred years ago, that doctors were paying shady individuals to unearth corpses so they could desecrate them to learn about how the body worked. Today, thats probably the best thing that ever happened for medical science. This is no different.
Are the Raelians premature in their attempts to clone a human (assuming they arent lying)? Probably. The quality of human life is a very important issue for everyone. Creating a child knowing that the odds are around 99% that some form of freakish defects will occur, and will likely lead to death, is irresponsible. Does this mean cloning itself should be banned? Not at all I think. Cloning is still in its infancy (no pun intended), but eventually it can give us great things. They've already been mentioned here: growing back endangered animals, creating enough plant material and animals for slaughter that world hunger can be pushed back, even to grow replacement body parts. None of these things are going to be around tomorrow, and maybe not even within our lifetime, but eventually, they will come about. But only if the science of cloning is allowed to be explored.
Will cloning eventually lead to immortality? Well...thats probably a question thats too far ahead to see. The best I see is that it'll be like in "The Sixth Day" where people who die in accidents can be brought back. Beyond that, I don't see it ever becoming inexpensive enough, or accepted enough, for any sigificant majority of the population to keep putting their minds into younger bodies. Any good novel about immortality mentions that eventually people get sick of it, and want to die, and I think that would hold true here also. But its too far away to tell at this point. Crystal-ball gazing is pointless.
In short, cloning is just another science, one that needs to be carefully looked at, monitored, and utilized to its greatest function. What the Raelians are doing may be clumsy, irresponsible, and possibly even dishonest, but in their own way they too are just trying to push the envelope forward.