Not cost effective perhaps but can for some problems be the optimum solution as can Vector machines be when serial time solution of certain non parallel jobs is of essence like say in weather forecasting. Unfortunately these niche submarkets within a niche market are not lucrative enough to more than just sustain NEC and SGI. The HPC market does seem to have split into 5 distinct segments.
1) Vectors (Nec/Cray) 2) Scalar commodity clusters (Opteron/Xeon) 3) Scalar commodity large Single System Image (SSI) (IPF/Altix) 4) Scalar low-power clusters (Blue Gene) 5) Stream processers (FPGAs, GPUs etc like Clearspeed)