The paper describes some recent developments in neural networks and discusses the applicability of neural networks in the development of a machine that mimics the human brain. The paper mentions a new architecture, the pulsed neural network that is being considered as the next generation of neural networks. The paper also explores the use of memristors in the development of a brain-like computer called the MoNETA. A new model, multi/infinite dimensional neural networks, are a recent development in the area of advanced neural networks. The paper concludes that the need of neural networks in the development of human-like technology is essential and may be non-expendable for it.