The Space Elevator has the potential to fundamentally change how we approach space exploration. Once constructed, a SE would drastically reduce the cost of reaching space and finally make many large scale projects feasible. SPS, asteroid mining, and perhaps even colonization would all be within reach.
However before a Space Elevator could ever become a reality there remain a few obstacles that need to be overcome. Some issues to be discussed include actual construction of the elevator as well as the social, political, economic and other consequences of a fully functioning space elevator.
For those new to the topic: Wikipedia.org's entry on what is a Space Elevator.
"Never doubt that a small group of thoughtful, committed citizens can change the world, indeed, it's the only thing that ever has." - Margaret Mead