It's as silly as expecting to get a good theory of artificial intelligence by studying artificial neural networks.
(I'm aware of the irony in the above statement, but stand by it earnestly. An excellent engineering artifact whose functioning we can't explain is not scientific understanding. An excellent engineering artifact whose functioning we refuse to explain is bad philosophy, too.)
Also, there exist brain areas and regions where we do in fact have a few good good models, and connectomics has the potential to help us resolve them -- see http://www.nature.com/nature/journal/v500/n7461/full/nature1...
Turns out, even where they should connections don't constrain circuits to a sufficient degree.
I guess the key lesson is -- don't rely on a single approach, because its limitations may well lead you astray. Applies to connectomics, physiology, modelling, etc.
Everyone who's paying attention understands that individual neurons have the potential for very complex, but precise, behavior.
But knowing the connections across the brain (at some resolution) is helpful for plenty of reasons. If I want to understand how areas in the brain communicate, it's immensely useful to know where they're connected, for instance. Let's say I have 200 sensors I can place in the brain wherever I want. Placing them at crucial nodes or connected areas could be tremendously useful, since we can't yet put sensors everywhere for most spatial and temporal resolutions we want.