
http://en.wikipedia.org/wiki/James_Webb_Space_Telescope
The James Webb Space Telescope (JWST), previously known as Next Generation Space Telescope (NGST), is a planned space observatory scheduled to launch in October 2018. The JWST will offer unprecedented resolution and sensitivity from long-wavelength visible to the mid-infrared, and is a successor instrument to the Hubble Space Telescope and the Spitzer Space Telescope. The telescope features a segmented 6.5-meter (21 ft) diameter primary mirror and will be located near the EarthSun L2 point. A large sunshield will keep its mirror and four science instruments below 50 K (−220 °C; −370 °F).
JWST's capabilities will enable a broad range of investigations across the fields of astronomy and cosmology. One particular goal involves observing some of the most distant objects in the Universe, beyond the reach of current ground and space based instruments. This includes the very first stars, the epoch of reionization, and the formation of the first galaxies. Another goal is understanding the formation of stars and planets. This will include imaging molecular clouds and star-forming clusters, studying the debris disks around stars, direct imaging of planets, and spectroscopic examination of planetary transits.
A moon base would be an extremely expensive waste of money and it would be based on science fiction fantasies. Unmanned space missions are far cheaper and can also produce great science. I'm all for increasing the budget for good science.