The Scientist has an in depth article on nanobio looking at some of the applications. Its an area we see great potential in, though perhaps more as a result of the nanobio convergence with our ability to measure, manipulate and control at the molecular level, so these applications are only the tip of a very large iceberg with the potential to make unexpected changes in direction.
Tom Theis, at IBM Research calls it about right. “It will be decades before any nanotech startup will play at the level of the Intels, IBMs, or Microsofts of the world.”