The McCulloch-Pitts (M-P) neuron was the first computational model of a neuron, proposed in 1943. It takes binary inputs and outputs a binary decision based on whether the weighted sum of inputs exceeds a threshold. The M-P neuron can represent various boolean functions geometrically by learning a linear decision boundary that separates the input combinations into those that output 1 versus 0. However, it has limitations such as not handling non-binary inputs or functions that are not linearly separable.