As someone who has Type 1 diabetes and has since she was 2yrs old... I've heard all this before. I find it really hard to get my hopes up about anything. Its great that they've figured out one more thing, but I've been promised a cure so many times, I've become a bit bitter about it.
When I was five, they said they were ten years from a cure. When I was fifteen they said they were five years from a cure. I'm twenty five now. Forgive me. I'm not buying it anymore.
And as for "Type 1s" not being able to drink. That's crap. Yes you should be careful. Yes, you have to think about it before hand, and make sure you've balanced everything out. But trust me, drinking isn't the most horrible thing a diabetic can do.
Sorry to drag everything down guys. I've had a bit of a crappy night.