A bad cook can ruin real meat as well. I'm no food purist; if it can approximate the taste, I could do with a veggie burger half the time. Especially if it eventually turns out better for the wallet, and the environment.
Another thing it could work for, is accommodating dietary limitations. Now this is not really faux meat, but in Singapore there's a company trying to commercialise lab-grown shrimp meat (we're living the sci-fi, gents) and I'm eager to see it take off large scale; perhaps being grown in a clean environment would make it viable for people like me with shellfish allergies.