I think it comes down to expertise, and whether the fish in question would be happy in that kind of environment. Whereas I personally wouldn't do it (I think my 15g is tiny and had problems even beginning to imagine fish in it permanently!), I do think it's possible, but it's not something we should actively promote for beginners.
Obviously George's tank is a. beautiful and b. extremely well cared for (the plants alone must be one hell of a lot of work). The average pet home isn't going to be that meticulous though - and we all know folks tend to think they can overstock in regular sized tanks, let alone these much more unstable nano environments.
I personally am with CFC on this one. I couldn't keep any fish in anything smaller than a 10g, to be honest, I doubt I'd ever get a tank smaller than my 15g. It's not as if a 15g would take up too much space, or cost much (mine was £20 - cheaper than most nano tanks!). We should be promoting that the bigger the tank, the easier it is to keep, and the happier the fish can be.
More a case of - it shouldn't be a case of "could I?" but more a case of "should I?". IMO, unless you have tonnes of experience, are willing to do daily maintenance if necessary (and can imagine doing that for the full lifetime of the fish), and are willing and able to find potentially rare species of tiny fish to go in them....you should stick with a more suitably sized tank.
I couldn't do it. I dont however think what George has done is wrong - I just think it's best left to the experits. Your "average Joe" pet home would not be able to keep up with it all.