The foreseen CaLIPSO Positron Emission Tomography (PET) scanner is expected to yield simultaneously a fine image resolution, about 1 mm$^3$, and a high contrast. In this paper we present results of simulations for the full CaLIPSO PET scanner with a cube geometry. We quantify by simulations the expected image resolution and Noise Equivalent Count Rates and compare them to the performance of the most efficient clinically used PET scanner, the High-Resolution Research Tomograph by Siemens. We bring up the issues of the image reconstruction for a scanner with high spatial resolution. We also present simulated brain images for [$^{18}$F]-FDG and [$^{11}$C]-PE2I tracer distributions. Results demonstrate the high potential of the CaLIPSO PET scanner for small animal and brain imaging where combination of high spatial resolution and efficiency is essential.