Have you read smolensky's harmonium paper? It's the first restricted Boltzmann Machine -- and I believe elman and smolensky were colleagues with hinton back at UCSD (with rumelhart and Don Norman, et al).

The approach was focused on presymbolic processing -- and tried to optimize harmony. Harmony was, interestingly, the first mathematical model of the mind (by Pythagoreans/platonists in ancient Greece). It has a lot going for it these days, too, to understand oscillatory coupling in neural circuits. I learned recently that brain waves are harmonics (frequency doublings), which somehow I missed before!

I know about Smolensky's theories (have probably read that paper, but don't remember it exactly; have def. read others by PS); PS and JE are definitely contemporaries, and work/have worked in similar areas. However, these two theories operate at different levels and time scales. The oscillatory coupling theories of PS et al are related to real time computations carried out by neural networks, whereas the trophic wave theories of JE et al. relate to how these networks come to be organized as they are. As per other posts, both are useful, and probably both true to some extent. Neither is directly applicable yet in a way that makes contact with the cognitive level.

One thing that shocked me was that no one ever tried to connect "cognitive dissonance", one of the most successful social psychology theories of all time, to actual dissonance in neural oscillations.

Consonance results in greater periodicity, meaning that the action potentials are more likely to line up, whereas dissonance has less periodicity, so action potentials don't line up. It feels better (there is pleasure) when the action potentials align because of hebbian reinforcement (synchronous firing). This assumes that reinforcement would be pleasurable, but pleasure is the main reinforcer at a cognitive level.