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I guess I can appreciate the effort - definitely falls in to the money to burn category with "aluminum cylinder block that was CNC-milled from a single block of billet aluminum... a one-off reciprocating assembly, including a forged steel crankshaft, forged rods and forged pistons. " That doesn't sound cheap.
When it is all said and done, it makes a measly 600HP from 500cid ?!?! That sucks! For a fraction of that price, you could buy a crate Ramjet 502 and be within striking distance of those power numbers, or go for the crate ZZ572 and blow it out of the water with over 620HP! No mention of forced induction in the Leno article, but there are probably plenty of FI guys making that amount of power from 1/2 the displacement.