alt Hacker Newsif you find that fascinating then you'll be blown away by something called 'Wolfarm physics project'. it basically is trying to recreate entire physics using such baseline 'graph update' rules like 'Game of Life'. So far no predictions yet but very interesting.
Wolfram is kind of obsessed with cellular automata, even went and wrote a whole book about them titled "A New Kind of Science". The reception to it was a bit mixed. CA are Turing-complete, so yeah, you can compute anything with them, I'm just not sure that in itself leads to any greater Revealed Truths. Does make for some fun visualizations though.