This is some of the best LEGO engineering I've ever seen. If it were ever released as an official LEGO set, it probably would not be much cheaper than the $1.7mil real thing.
To compare the model to the actual Veyron, check out Captain Slow's top speed test on Top Gear from a few years back. He also tested the newer, faster Veyron this year, but I don't think the video is online yet.
I haven't read Warren Ellis' RED, but now I must. Those of you familiar with Warren Ellis already read his blog, but if you aren't a fan, this pretty much sums things up: