I find this subject sad, in a way.
Technically I think there's a very good case for doing something simple. Freeze practically any tissue sample, and someone at a later time can extract tiny fragments and extract the DNA using the well-known polymerisation techniques. With multiple cells and tries, you can exactly sequence the entire genome. We probably have the technology already to do this, and end up uploading these species to the Internet. And at some later time we'll be able to rebuild the sequence, put it into some suitable cells, and fire off a pregnancy.
That's not the sad part. The sad part is that the pleistocene is gone forever, and that's where all these animals belong. That kind of Earth is passing away, and is never ever coming back. The arrival of technology is going to affect the Earth as profoundly as the advent of multicellular life. What's happening now is merely the very very beginning of this change.
You can preserve the rhino if you like, but its habitat has already gone, and the finality of that will become clearer with every passing year.
I agree with you on the sad part. I do enjoy biology, and I am sad to see so many species becoming extinct. I don't think that the project mentioned in the post is as hopeless as you make it out to be, however. In the future, we won't particularly be interested in plants and animals to develop drugs; that role will be taken over by rational drug design. The reason why we would want to preserve plants and animals is the same reason modern-day environmentalists take the positions they do: Earth's biological life is pretty frickin cool. So if we do want to re...
Interesting recent article from Ben-Nun et al. (doi:10.1038/nmeth.1706) in the high-impact journal Nature Methods.
As I understand it, they express reprogramming factors in the adult cells (e.g., fibroblasts) of two endangered species (here and here) to convert them into induced pluripotent stem cells.
They then cryopreserve these pluripotent stem cells, in the hopes that they can eventually be used to increase the number and genetic diversity of these two species.
However, this will require two additional technologies which, crucially, are still in development:
1) the generation of germ cells from pluripotent stem cells, and
2) the development of assisted reproductive technologies for related monkeys and rhinos.
In the meantime, these pluripotent stem cells will simply remain in cryopreservation.
What does this remind you of? In what ways is it different, such that it can be published in a high status journal? Are those differences informative in any way?