What Venter and company did was sequence a bacterial genome, duplicate the genome in a sequencer, inserted the sequencer-made genome into a cell replacing its natural genome then watched it continue to live and reproduce.
No great surprise, here. An Adenine molecule in position 2754 on chromosome 8 is chemically identical in form and function to any other Adenine molecule whether it was placed there by the cells natural mechanisms or by a sequencer unit.
What is significant about this experiment is that this is the first time in genetic engineering an entire genome has been sequencer produced without any of the naturally produced genome used in the resultant cell. This is significant in that it evidences that no spooky supernatural power, element or breath of god is necessary (since the sequencer unit is incapable of producing such things) in the genome for the processes of life to occur. Though it does not disprove a designer, rather than evidencing a designer this experiment shows that the operation of the genome is purely, and only, chemistry.
Second, though it is still cheaper and more effective to leave the natural genome in place, changing only those parts we want artificially to produce whatever application we are trying to achieve, as our knowledge of the intricacies of the genome and the resultant proteomics progresses, it may become more feasible to sequence an entirely unique genome to insert in a cell and we now know we can do that.