This post with provide links to articles on the development of the amazing material, graphene, single layer thick graphitic carbon.
IBM researchers have produced a graphene-based integrated circuit with good characteristics. Graphene circuits article from the British Broadcasting Agency.
Here's a naysayer who thinks all this research is wasted. In my experience, we spend far to little on research in general, so even if it takes a long time to bring useful results, it is rare for research efforts to be a waste.
More on IBM's graphene integrated circuit, an RF receiver with performance comparable to silicon.
Gigahertz performance in a graphene oscillator circuit.
Graphene transistor development news.