Enetically Modified (Engineered) Organisms

Do current efforts in genetic engineering differ fundamentally from the centuries old efforts in plant and animal breeding? If so how?
How does the possibility of genetically engineered organisms modify (if at all) our conception of biodiversity?
What are the potential risks and benefits of using genetically modified organisms?
Would you have any reservations about consuming genetically modified agricultural products? Explain

The criteria are: single spaced, two pages, four references, citations, and 3rd person except for the end on my opinion.