Engineering is not like environmental studies, where you can cobble together a hodgepodge of kinda-sorta-related classes. The courses one takes are standardized, and ABET certification is critical in several of the most popular engineering fields.
The molecular engineering program is interesting, but it will not replace a traditional engineering program, nor is it intended to do so. I suspect it will be most appealing to those in the sciences or those who plan to get further education (MS/MEng/PhD) and go into research.