The "all nodes connecting to all other nodes" setup reminds me of NUMALink, the interconnect that SGI used on many (most? all?) of their supercomputers. In an ideal configuration, each 4-socket node has two NUMALink connections to every other node. As Jeff says, it's a ton of cables, and you don't have to think of framing or congestion in the same way as with RDMA over Ethernet.