e.g., each node can generate its own subset to check, so you only need to distribute the program and input. That can be done using a multicast tree of some kind which brings distribution costs back down by a log.
If your node population increases exponentially with input size, you're still running into the speed-of-light delay problem mentioned above (cube root of exponential is still exponential). If your solution is polynomial time with polynomially many nodes, your space cost is also polynomial.
You can have an algorithm that uses exponential time and only polynomial space, but not the other way around.
[1] Lipton, R. DNA solution of hard computational problems. Science 268 (1995), 542-545.
[2] Head, T. Aqueous Solutions of Algorithmic Problems: Emphasizing Knights on a 3 x 3. Lecture Notes In Computer Science; Vol. 2340
Still, regardless of whether P!=NP, it is known that P is contained in NP which is contained in PSPACE. These classes are defined for certain computational models. If you change the computational model then those definitions might not make sense.
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EDIT: here's a link to a paper describing this approach: http://www.springerlink.com/content/j5213p8761224304/
Given that underspecification, it's perfectly justifiable to use an exponential amount of resources to achieve the goal.