Given that IBM, Motorola and Intel have recently announced laboratory tests of extremely simple niobium-based superconducting chips that can run at 750 Gigahertz (!) this starts to look less ridiculous. Although many, many more instructions would be needed to run an OISC, it's much more likely that you'd be able to get a chip that contained only one instruction to be able to run at these speeds due to its simplicity. Since that's around 500 times as fast as the fastest Pentium chip on the market right now, as long as it's less than 500 times as inefficient it's still viable. Also, if you could parallelize it at all, it would probably be much much easier to multiprocess using this simple logic than using CISC or even RISC (although I could be talking out of my a-- on that one).

Hmm. An interesting idea, no matter what.