In the upcoming spinoff series Caprica, which is set some fifty years prior to the events of the current series, the first Cylons are created in more or less the way you've described.
In my view, it's highly likely that the Colonials are themselves "Cylons" (artificial people) created by a predecessor race (the Lords of Kobol), who were in turn "Cylons" created by the original humans from Earth. The Lords of Kobol nuked their creators (the original Humans)... and were in turn nuked by their "Cylons"... who became the Colonials... who were nuked by "Cylons" of their own. "All of this has happened before..."
This time, however, there's a chance that the Wheel of Karma can be escaped. Don't forget that there are still several tropes from the original series left unused. The Ships of Light... Count Iblis... and, significantly, Starbuck-as-Angel.
And then there's Hera and Nicholas to consider...
Anyway, I have a feeling that the final resolution is going to be so far out that nobody will have guessed it. Wouldn't it be wild if poor, dead Billy Keikeya somehow returns and is revealed as the ultimate puppetmaster of fate?