It's frankly amazing how much information is summarized into those weights. You do need to take whatever it says with a very healthy pinch of salt. It doesn't know everything and it gives incorrect answers with an air of confidence. Here's an example: > who preceded emperor Commodus? The first emperor of Rome was Nerva (98-100 AD). He succeeded Domitian and came to power after a brief civil war in 69AD, which saw the…
The thesis behind the Hutter Prize was spot-on, except for focusing on lossless compression instead of lossy compression. http://prize.hutter1.net/
The real problem with the Hutter prize is that the data and compute are too small. It seems obvious now that the regime where compression turns into AGI is far beyond the scale of the current contest (1 GB data, 50 CPU hours). If you simply bumped those limits up five or six orders of magnitude then the Hutter prize could be relevant today. But you'd also have to increase the size of the prize a few orders of magnitude because the cost of competing would be more than the current prize money.
Of course a prize isn't really a necessary incentive to develop AGI, since getting an AGI is about the best incentive you could possibly imagine.