1. Incredibly expensive.
2. Massive beyond the scale of anything ever assembled in orbit.
3. Big enough to carry a self-sustaining colony, above minimum population size for genetic issues.
So, newborns in zero-g, not necessarily needed, if we're really going to the stars the old fashioned way.
However, if we start building stuff from raw materials found in space these costs should drop dramatically. Honestly, we are looking at hundreds of years either way so it's sort of meaningless with our current lifespan.
Really, we need to build the Orion nuclear pulse ship for heavy lift and intra-stellar transport.
Without a reworking of modern physics, the Alcubierre Drive for example, transport is going to take a loooong time.
Even if we didn't need a backup planet, this is the next phase is human exploration. It's inherently part of human nature to expand our prescense.
I wonder what the effects would be of a child forming in a womb, being born, and growing up in zero gravity conditions.