It's hard to imagine this could have been competitive with a $25 million pile of beige PC boxes from the same era, but the PCs would have been starved of I/O (10 Mbps shared thick ethernet anyone?) so only applications which don't need much I/O between the nodes would be possible.
A "modern" CM-5 would ironically look much more like the pile of beige PCs, because it will have much less I/O -- these cheap chips only seem to have at most one or two fast channels (eg. ethernet and SDIO). There's no way to build these into a hypercube. It will be constantly limited by bandwidth and contention addressing other nodes in the cluster.
So I'd only build it for fun, not for practicality :-)
[0] https://en.wikipedia.org/wiki/SpiNNaker [1] https://www.youtube.com/watch?v=2e06C-yUwlc
Edit: It's a toroid, which seems an unusual choice (because 2D) for something that's meant to simulate a brain. I wonder if a simple 3D cubic connection network would have been possible by adding more links between physically adjacent boards.