I think most palaeontologists would love to see living breathing versions of the fossils they study, if someone discovers a method of time travel we'll be the first in line.
This method of de-extinction - to genetically engineer an animal that occupies the same ecological niche as an extinct creature - is a more realistic possibility. Jurassic Park, sadly, is still out of reach. The ecological niches of long extinct taxa like dinosaurs no longer exist.
This piece also raises some very interesting points about the ethical, environmental and legal implications of resurrecting species, and the danger that “Technofixes for environmental problems are band-aids for massive hemorrhages."
The earth is about to become a lot less “natural.” Biologists have already created new forms of bacteria in the lab, modified the genetic code of countless living species and cloned dogs, cats, wolves and water buffalo, but the engineering of novel vertebrates — of breathing, flying, defecating pigeons — will represent a milestone for synthetic biology.