The current ban (as far as I know, it may have changed in the last year) is specifically for embryonic stem cell research.
I'm for Adult stem cell research but, I disapprove of the embryonic.
From my current knowledge of the subject, Adult stem cell research has claims to be more productive and doesn't cause the destruction of potential human lives.
United Nations wrote...
Every human being has the inherent right to life. This right shall be protected by law. No one shall be arbitrarily deprived of his life.
I won't push the whole "what counts as a human" argument. As we already have one of those going on.
Edit: I'll post some studies or articles later after I acquire some sleep.