Just a few years ago, the prevailing wisdom said that the genome comprises 3 percent or so genes and 97 percent “junk” (with 2 or 3 percent of that junk consisting of the fossilized remains of retroviruses that infected our ancestors somewhere along the line). After a decade of painstaking analysis by more than 200 scientists, the new ENCODE data show that indeed 2.94 percent of the genome is protein-coding genes, while 80.4 percent of sequences regulate how those genes get turned on, turned off, expressed, processed, and modified.
This fundamentally changes how most biologists understand the master instruction set of life: we are, in short, 3 percent input/output and 80 percent logic. (Though perhaps a surprise to biologists, the finding will hardly astound anyone who has designed a complex interactive system.)
Correct me if I'm wrong, but this is a really big deal, right?
Oh, certainly, you reduce the explanatory power of an explanation, you lower the probability of the explanation being true.
But, well, "parasite DNA" at the fundamental level is assuming Darwinian mutation-and-selection happens among transposons. Which seems quite plausible on its own, even after this, especially since retroviruses can be treated as a special class of retrotransposons.
And now that I'm actually looking at the paper instead of the news, it's not clear how much of this stuff is "functional" because it actually does something like regulation of expression, and how much is "functional" because it's biologically active "parasite DNA".
Mostly, I'd classify this as another case of "no, really, skip the science news, and read settled science instead."