PETA doesn't mind if you eat meat; they just want that meat to not be from a dead animal. The organisation cares so much about this that they've offered up a $1 million prize to the first scientist that can create meat that's "sufficient to market in at least 10 U.S. states at a price that is competitive with then-prevailing chicken prices." In essence, fake meat.
There are upsides to this, such as engineering extra vitamins and nutrition into meat so you don't have to eat vegetables AT ALL if you don't want to. Or take out some of the fat and bad stuff for you. Or in PETA's own smug, condescending words, "consumers who can't get enough cholesterol and saturated fat in their diet could indulge their cravings without harming animals." [PETA via Wired Science via DVICE]