I heard of this principality before one or two times. The idea seems to be excellent but the costs are high and they have important physical limitations (they don't have the space to host a lot of servers, I don't know how they produce their electricity, and their comunications could probably be easily broken up).
And they have a major political problem since they are not recognised by anybody (neither England, nor UNO, nor...). That's why I have some doubts about this idea. But maybe could this be made somewhere else. The reference to the Cryptonomicon remind us the interest to do this for little governements.