You may have seen the story earlier this week about a "breakthrough" announced by HP researchers, which involved applying nano technology to semiconductors.
I was intrigued, and Googled around to find this analysis at the "ars technica" web site: Hewlett-Packard's FPGA research, and replacing transistors. This excellent article explains that the HP announcement is for a very specific (and limited) application: FPGA interconnect. And it points out that the more promising HP announcement actually came out in 2005, which pointed to use of nanotechnology for circuit switching, not just interconnection.
Gotta love this web site's tag line: Serving the PC enthusiast for over 6x10-2 centuries!