This appears to be good news. LG Chem is mentioned in the article.
http://edition.cnn.com/2009/TECH/science/11/23/eco.korea.plastic/index.html

At work we have been using plastic cups made from corn for several years already.

http://www.natureworksllc.com/

Yup, here in Berkeley, almost all plastic cups, forks, knives, bags, etc are made from corn. Been that way for almost 4 years.

Still, if we're going to do something with fossil carbon stores, making useful products that can be recycled seems better than burning it.

Yes, the corn plastics have been around some time. With this new process, it is a one step fermentation to produce polymers. This is an advancement in bioengineering and less expensive. Looks like it could be progress....we will see.

Didn't Henry Ford make plastic steering wheels from soy beans at one time?

Hemp!

http://www.hempplastic.com/newSite/hp_aboutplastics_fordcar.htm