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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.
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.