For a long time, I considered the idea of collecting DNA or proteins from fossils to be all Hollywood. I've never seen Jurassic Park, but the premise just sounds wrong. Collecting dinosaur DNA from 100 million year old blood in the body of a mosquito preserved in amber? Highly unlikely.
However, a couple of new discoveries have popped up lately that make the idea of collecting molecular fossils less science fiction. The first of these dealt with finding the color of an extinct type of bird.
Still, moa fossils are not nearly as old as dinosaur fossils (a few hundred thousand years, vs. 10s to 100s of millions of year). A second story I found is more intriguing, because they did find traces of genetic material... in a T-Rex.
The odds of ever getting a full strand of DNA from a dinosaur fossil is extremely low. They are simply too fragile to last for 100 million years. Jurassic Park will stay a fictional idea. However, as these two findings show, there is some potential in finding bits of genetic material in the fossils, which may help clear up questions on coloration, speciation, extinction, and more.
Credit: Discovery Channel- Feathers Revealing Extinct Moa's True Colors
Science Daily- Reexamination of T-Rex Verifies Disputed Biochemical Remains