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Neat, but not functional. It only learns a hard-coded function (xor), and has no way of even activating the network once its learned. However, it does a good job of illustrating how simple a multilayer perceptron (this specific breed of neural network) actually is. People hear about machine learning and think they must be incredibly complicated algorithms. Simple systems work best.
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I've been trying to write a more general neural network library as a learning project and this article was very helpful as a concrete test case for exactly the reasons you stated. This is of course coming from someone whose only background in machine learning is watching some videos from a courses course.