Photosynthesis isn't very efficient, but it is very convenient. If you want the maximum possible conversion rate from solar energy, it's a terrible choice. If, however, you want something that can be cheaply deployed, then something that can self-assemble from light, water, atmospheric carbon dioxide, and a few trace nutrients is quite attractive in comparison to photovoltaics.
Source: http://rss.slashdot.org/~r/Slashdot/slashdotScience/~3/uuwrtzxiiL0/story01.htm
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