and -could- help prevent some needless wastes of research money.
This type of projects is not particularly known to be cheap. Supercomputers are expensive and cost quite a bit just to have them powered and maintained (I heard 1 mio US$/yr electricity bill for a IBM Blue Gene). Plus all these projects are run by a large consortium. Most experienced scientists tend to think of them as expensive useless toys and I tend to agree for all the reasons the parent has mentioned. We are nowhere near understanding rodent physiology well enough to create a model that has any relevant predictive capacities. The proliferation of these projects is not explained by their success. Funding bodies like them because they can pretend that it will ultimately replace animal research. The whole simulation community likes them because it gives them access to the vast pool of life science funding. Also as far as I know, the Virtual Physiological Human thing in Europe is not a single project but a umbrella initiative divided in many disconnected projects which are probably more manageable (this is not to say that the EU does not have the same attraction for the BIG science projects).
In the life sciences, most research is funded by NIH or NSF [...]
If you are in the US. Europe, Japan, Korea, China, etc... probably account nowadays for more than half of publications and there is no such requirements that I know of for them.
It's time to boot, do your boot ROMs know where your disk controllers are?