Epiphany did have (slower) access to external memory too, but the challenge of these architectures is finding problems that requires too much branching to be able to take proper advantage of GPUs, yet so parallel that relatively low single-core performance is outweighed by throwing more cores at it and/or where the low power usage of the Epiphany would be worth it, and it seems they just didn't find enough of a market for it.
I have two of the kickstarter boards sitting around. Wish they'd gotten larger scale versions out.
Nothing really prevents an architecture where part of the address space is core-local (with low latency) and not directly accessible from other cores, and the rest points to a (much higher latency) shared memory pool. I have a feeling this would be much nicer to program than a Cell or the average GPU.
Many GPU's have this kind of local scratchpad memory. Nvidia GPU's even allows the programmer to partition the local SRAM between the scratchpad memory (called shared memory in CUDA docs) and L1 cache.
Minimizing ownership transfer cost across hardware elements seems like a fundamental concept to me that future architectures will need to specifically optimize in order to maximize the benefits that can be reaped from "task specific" hardware.
The more cores we add the more we have to gain by allowing them to be different from each other I think ...