Could our world/society do a Startrek lifestyle - live on a ship exploring our galaxy, raise our children etc... our biological waste creates continous fuel, clone resources or scientifically create them, grow food, means etc. and always report back to Earthof discoveries.. PROS/CONS. Why wouldn't we?

This is such a deep question.

I have confidence that we are going to have to live on spaceships exploring our galaxy because our sun is running the course of its 10 billion year life cycle, and is mid way through.  The day will come when our sun exhausts its fuel supply and burns out, and we will be forced to find another star with a planet that is habitable for life (human life).  In the process of finding such stars, and planets, we will have to live on ships while navigating this journey.  Therefore, we will be raising generations of children on ships because stars are many light years apart.  It will take time to find them, in other words.   Our biological waste is a possible fuel source because as it stands, we use oils from fossils as gas to power a large portion of machinery here on Earth.  Theoretically, it makes it reasonable that human waste could power machinery of the future.  Scientifically, we are already cloning life and food so cloning resources of all varieties is also highly likely.  We would not have to report back to Earth because our home planet will be gone by this time.  The good thing is that we'll be able to sustain our species for millennia, and increase our knowledge and awareness with respect to all that exists in this vast cosmos.  The bad thing is that we'll no longer have access to our native planet.  If I were alive during this time, I surely would miss Mother Earth. 

We would not do this, that I mentioned above because we are a very volatile species, and may end up blowing ourselves up before we get a chance to explore the grand cosmos.  I have faith that we will get things together, and realize peace is the only character trait that humans need in order to sustain ourselves.

I am for the humility of humanity, and the humble approach is one which I aspire to personify, before I settle off this mortal coil. 

I Love You, Forever.