Our view of the microbial world and its impact on human health is changing radically with the ability to sequence uncultured or unculturable microbes sampled directly from their habitats, ability made possible by fast and cheap next generation sequencing technologies. Such recent developments represents a paradigmatic shift in the analysis of habitat biodiversity, be it the human, soil or ocean microbiome. We review here some research examples and results that indicate the importance of the microbiome in our lives and then discus some of the challenges faced by metagenomic experiments and the subsequent analysis of the generated data. We then analyze the economic and social impact on genomic-medicine and research in both developing and developed countries. We support the idea that there are significant benefits in building capacities for developing high-level scientific research in metagenomics in developing countries. Indeed, the notion that developing countries should wait for developed countries to make advances in science and technology that they later import at great cost has recently been challenged.