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I'd love to modify myself biologically/genetically for extra strength, speed, stamina, etc. This stuff facinates me, and I think it will be the next true evolutionary jump humans make in advancement albeit self administered.
The limits should be of safety concerns only, leave the religion/morality out of it. Let the individual make their choice in whether to receive treatment. The biggest thing I'd fear with this advent would be more the limitations some might want to impose on groups of people to create a master race type of thing all over again.
As for the other two questions it should be obvious, yes I'd choose longevity, and I think it will be a great benefit to humanity.
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