1. It's nothing like a real brain, because we don't really know how a brain works (if we knew, we would have simulated it in software long time ago). Human Brain Project has failed spectacularly with far more money and brain power pumped into it, but at least it advanced neuroscience in some ways (hopefully). This project advances nothing.

2. There are no useful applications these spiking networks implemented in hardware can do better than regular GPUs running regular deep learning models, and no reasons to believe this will change any time soon.

Someone at Intel is trying to make a career out of it, and a bunch of second grade researchers are trying to get grant money while the 'neuromorphic' buzzword is still hot.