I think GE pets is a frivolous and possibly hazardous use of a powerful technology.
I've done some work in this field, and I remember seeing the first steps in this direction done with plants, so that areas of high gene activity (eg where is this gene doing it's job?) could be seen without damaging the plant. This would have been the mid to late 80's. Jump forward to 95, and I remember quite a song and dance being made over fluorescent zebra fish. These fish were being used to explore cloning technologies, with the view that new organs could be grown from stem cells. The glowing was introduced to track what cell grew into what, and how it could be changed. I recall that they grew some odd things in that study, such as fish bodies without heads. This was all done in stringent laboratory conditions.
Now that the pioneering work has been done, and we have a cook book for achieving this in a stable form, it is open slather. It is quite honestly about the same level of difficulty as baking a cake, although the ingredients are a bit tougher to get! The inclusion of a single fluorescent protein (from jellyfish in the cases I've seen) isn't a big deal, but I don't think it will stop here. Anyone could create new fish in their garage if they had the equipment and inclination.
The easy method for this type of transfer is to create a DNA or RNA strand with the new info on it, and synthesize a viral protein coat around it. You then infect your eggs with the virus. In essence, you create a dud copy of a real virus, and the copy shouldn't be able to replicate and go on to infect new hosts. The bad part is that viruses (virii? I can never remember latin plurals) are very very good at picking up new genetic info from their host and changing suddenly. Flu, colds and HIV are all good examples of this principle, and it is no coincidence they are all very infectious and hard to beat.
The idea of having an unstable virus designed to be super infectious to fish potentially being sold from your LFS doesn't seem very clever at all. Can we trust each supplier of such fish to have taken the utmost quarantine precautions? Where there is a profit to be made I'm not so sure.
I think the aptest analogy is fire. It certainly is useful, and in some cases downright pretty, but not so much if it gets loose in trees around your house.