This is a very inaccurate comparison for many reasons, but to get the sense of complexity of the human brain:
In the human brain, there are almost 100 billion neurons (the project plans to simulate 1000 neurons on one core, hence 1% atm). Each has about 7000 connections, or alternatively there are estimated 10^15 connections or more.
The internet has only about 15-20 billion nodes, only few highly connected, the Internet is more of a tree than a complete mesh.
So in some way, you could say we are nowhere close to obtaining the computing power of the brain, if we, of course, disregard the fact that the nodes, computers, are very powerful on their own. But this is where the comparison breaks. The human brain is powerful due to the complexity of its network, not the sheer amount of "working units" (cores/transistors).
Comment on the project: it is exciting, but it must not be understated that it is still a very gross approximation, since the neuron models used are simple. It might be the case that interesting behavior will arise using this simple model, but it also might be the case that the secret sauce is in the fine behavior of each neuron. The hope is that interesting phenomena can be observed with this simpler model, perhaps a bit like classical physics can often be used without requiring the full model of quantum mechanics.