Modified Rapture

So Australia is poised to open its doors to genetically modified crops on a mass scale. I'm in two minds about this move.
On the one hand, the new drought resistant wheat, hardier canola and nutrition enhanced fruit and veggies sound great. What could possibly be wrong with technology that makes farmer's work easier, as well as benefiting the community both economically and nutritionally? Well, potentially several things.
In The Age (12/08) Greenpeace spokeswoman Lousie Sales is quoted as saying that GM products lead to the creation of more resilient weeds, necessitating stronger pesticides. Furthermore, there has been research showing that rats given a diet of GM canola experienced significant growth of their livers - a study which hasn't been further investigated. But the Australian Government points out that Canada has employed the technology for 10 years without any harmful side-effects. These are all claims I would like to investigate further before I swallow them whole.
I suppose I'm a bit sceptical about the introduction of GM crops from another perspective. If, as the case might be, these supercrops are commercially and nutritionally preferable, they will most likely flood the market. What will happen to the richness and range of flavours currently available? Will they be bred out of existence, or at the very best only be available to a select few?
It seems inevitable that the government will lift the ban on GM crops in Australia - industry pressures are notoriously difficult to resist. Let's hope the consequences aren't as dire as the critics seem to think.