So, what are the arguments against this bio-sludge (besides appearance)? First, consider nutrition: there's less in pink slime than in other meat products. There's a higher fraction of insoluble protein, which may be hard to digest, but on the plus side, there's less fat in LFTB than in standard ground chuck. Despite its off-putting look, the final material may actually have a composition closer to soy protein than beef.
Source: General Tools
Finally, it's all about the labeling. A generation of parents accustomed to fighting high-fructose corn syrup (oops, "corn sugar"), artificial dyes, and allergens in processed foods would prefer including ammonia in the final ingredient list. However, manufacturers - and the USDA - consider this a production step, not a discrete additive like ammonium phosphate (leavening agent) or ammonium chloride (licorice, baked goods).
*Chemophobia update - Ye Gods, msnbc. Way to scare everyone. How about a scientific fact check? Ammonia is not a "pink chemical" - it's colorless, and you don't use it to leaven cakes (see ammonium phosphate, above). Backtracking to the original report, we see mention of flammability and building bombs . . .really? Ammonia is much more commonly used to clean floors and windows.