I am quite confused by what you are saying. Deprogramming skin cells doesn’t result in an embryo, it results in stem cells that mimic embryonic stem cells. These cells are valuable because they can become any other kind of stem cell, with the exception of germ cells. Without germ cells, how on earth do you think a baby is going to be created?
Even in this era of scientific research and test tube babies, reproduction still requires an egg. Without it, there is no way an embryo can be created. If you know otherwise, please explain to me how this is accomplished.
A totipotent cell with a full set of non-defective DNA, that is dividing, can and will become a full fledged organism if put in the right environment (think uterus). This is why you can split an embryo in two and get two babies. Eggs have been a convenient environment in which to let nature do the work of de-programming the DNA of a differentiated cell nucleus, so that the DNA in that nucleus will acquire the ability to develop into a full organism (e.g. Dolly, the famous sheep). When the DNA has already been de-programmed back into a totipotent state, the egg is not needed.
And I don’t know why you think that a truly totipotent stem cell can’t differentiate into germ cells. Where do you think germ cells come from? The science of artificial gamete production, starting with adult somatic cells, is actually pretty far along already.