This project has ambitious goals: integrated database for all things neuroscience, testbed and virtual lab for neuron simulation, brain-inspired new hardware ("neuromorphic computing", possible required to achieve the exascale hardware to create the simulation), new insight into neurological diseases and finally the simulation of a human brain and therefore the human mind.
Even if it achieves only 1/3 of its goals it would be already a success. This project has its share of naysayers and distractors though, who all know beforehand it won't work. I think, the majority of them are other neuroscientist who fear, they won't get any funding in the future.
If it works however, it will provide major scientific breakthroughs. I'm all for it. One fear is laughable: that this will become something like an all-seeing, all-knowing skynet. If at all, it will just simulate an average human brain with all its weaknessess and irrationalities. The FutureICT project (didn't win) deems me much more dangerous in this regard. It was planned as a simulation of all human activity on a global scale.