Is breeding insects for food a viable option ?

Is breeding insects for human food a viable option to replace food sourced from livestock farming?

Once I watched a TV program, probably a BBC one, discussed about breeding insects for human food to increase food safety and to provide sufficient food nutrition to people in corners of poverty and famine around the globe. Insects provide protein, they are small and they can be bred quickly, save land/space, energy and water input, easier to transfer knowhow to people in regions lack of education, infrastructures and facilities, it is more economical than livestock farming. If human beings eat insects as part of or even a larger portion of daily food, consumption of seafood can also be reduced too, thus helping marine conservation.

What do you think ?

If it can be widely adopted in the so called third world countries, is it only viable for them, or for all of us ?