I guess this depends on how advanced your toolkit is. If you're simply using feedforward nets with fixed weights, fixed topology, and sigmoid activation, then yes that's probably right.
However, there are a lot of advanced techniques in ANNs that most people never use. Lots of more biologically-inspired approaches have been explored, such as leaky integrator neurons, Hebbian learning, and indirect encodings.
> I want a "brain" which was built from principles
See, but the problem is that we don't even have the knowledge of how real brains work to start forming such principals. In fact, we're starting to see computational models used to form principals of biological brains (for example, [1]).
> that allow its workings to be intelligible
And what does that mean? You want to be able to discern some rule base from the system that you can understand? Even biological brains do not have that property.
> based on a technique which reflects the structure of the problem of learning, generalization, and hypothesis search and illuminates it.
This is very vague. Happy to dive into it if you are willing to expound a bit.
> It's probably a whole lot like that automatically enumerated proof of the 4-color theorem. It's definitely important, but there is something unsatisfying about it. We aren't learning as much as we felt entitled to because the destination was only a small part of the journey.
Again, very vague. Do you think having children is unsatisfying because you can't understand their actions most of the time? Maybe I'm misunderstanding the issue here.
Seriously though, I want to know what will impress people here. It's not going to be a fully general, "human-level" AI, obviously, as that requires huge amounts of semantic knowledge about the world that was encoded through billions of years of evolution, but that to me is not really a necessary condition for AI.