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If the same thing could be accomplished using electricity we have a whole new range of options. We could create hydrogen using renewable sources of energy such as wind or water powered turbines, or even nuclear power that, apart from storing the nuclear waste, is very clean. At least with regards to green house gases. If, and I say IF, hydrogen could be created using renewable sources of energy and IF most combustion engines could be powered with hydrogen instead of fossile fuels, much is gained.
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Not quite sure what you mean here? We have been cracking water (breaking the hydrogen - oxygen bond to create hydrogen) with electricity since electricity was discovered. Since electricity made by renewable sources is indistingishable from electricity made by coal plants we can crack water using renewable resources.
Additionally, hydrogen powered cars have been around for some time.
So, we are where you want to be...