DARPA has funded IBM's SyNAPSE program to "investigate innovative approaches that enable revolutionary advances in neuromorphic electronic devices that are scalable to biological levels."
Here's the grant release at DARPA: Systems of Neuromorphic Adaptive Plastic Scalable Electronics (SyNAPSE) - BAA08-28 - Federal Business Opportunities: Opportunities
 
And here's the Press Release at IBM:

IBM Press room - 2008-11-20 IBM Seeks to Build the Computer of the Future Based on Insights from the Brain - United States
 
Someone with a better understanding of electro-chemical-nano-engineering than me has to tell me if this has any actual impact on the theory of computability, or if this is just going to be a significant increase in the speed of computation. Gualtiero over at Brains?