Is such equality possible? It is certainly not unthinkable. The mere description evokes images of Albert Huxley's Brave New World, wherein genetic engineering is used to fashion each successive generation, albeit in an explicit hierarchy rather than a mass of equals. The advent of human mastery over genetics could herald an era in which physical and mental advantages are either tapped to bestow an arguably unnatural level of skill and prowess onto those whose parents or benefactors can afford the cost, or they could be removed in order to ensure that the tyranny of talent never reigns again.
Is such equality desirable? That answer is surely dependent on who is questioned. How could a man who was born with undesirable genetic factors not desire a certain levelling of life's playing field? How could a person on the advantageous side of the gene pool not desire a maintenance of his superiority? True, it can be said that if every person is equally talented and skilled, then no one is truly talented or skilled. The exceptional is by definition apart from the huddled masses. But who could expect those masses to accept their generic existence if the possibility arises for them to ascend it? Hero worship surely only extends so far as the worshiper is unable to become a hero himself.
If the foray into genetics does result in some revolution of human existence, then it can be expected that calls for equality will come long after the first inception of the technology. More than likely the wealthy will benefit first and foremost, with the mob achieving a measure of success after long and protracted battles against the more powerful minority. So if a prediction is to be made it is this: genetic engineering will vastly widen the gap between the affluent and the desperate until a certain point at which the gap will disappear entirely. What happens then is impossible to discern (for me at least).