I'm with Abe. sounds pretty amazing, and it will be if anybody shows that fuel can actually be produced with reasonable inputs. at this point, though, I'll put it in the same category as my human sebum to biofuel plan: practical results are in order before celebration.
this article covers some of the issues with algae biofuels pretty well.
and is the point of doing it in space to keep folks in space longer, or to bring it back to earth?