Focusing on numbers and the measurable things only is known as reductionism. Or Physics envy. Some subjects are just not like that. It's not useful to catalogue sometimes. It is better to understand.

As a molecular biology student, I must say tha this is not an 'obvious' thing to do at all. So what if you catalogue all the genes? If they all die (pollution, habitat destruction, or otherwise driven to extinction by humans who have oh so many rights), you will never ever find out which are translated into proteins (most of a cell's dna is junk and never used in a lifetime).

Basic research is what we need. And because basic research is never supported (will there be measurable results in a year? what are the financial benefits? will it bring good will to the university? will you be able to spin off a company on the finding?) there is a good chance that we will never find out about many crucial/interesting organisms.

This is one of those projects that sounds amazingly cool and that I approve of but have absolutely no expertise in or even time to think about.

Just put up a donation link, guys!

(Hey, maybe they can arrange for naming rights for big donors:

 $500: Beetle native to one tree in the Amazon

$1000: Abyssal mud worm

$5000: Bipedal albino fox found in cavern in Tibet