Here's a great article for Forbes published in 2009.
The basic argument (from a neurobiologist) is that nobody has any idea how the brain really works so it can't be modelled.
http://www.forbes.com/2009/12/02/computers-ibm-glial-technology-breakthroughs-brain.html
Personally I think neuromorphic chips are about are one group of experts (electronic engineers) ignoring other experts (neuroscientists and biologists) and heading off on a massively expensive wild goose chase.
IMHO Peter is a capable engineer who massively underestimates the complexity of biological systems.
Why computers can't mimic the brain
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