New Scientist is reporting this summary of the latest developments in carbon nanotube technology. Someone has finally figured out how to make really long composite threads of the stuff. This is a big deal folks. The CN-based material is three times stronger than spider silk, which until now was the strongest fiber known. Imagine the impact nylon had starting in the 1940s, and remember nylon was in part a replacement for "regular" silk. This has the potential to be much, much bigger.
This is still a composite, with funky polymers helping to hold it all together. The next big payoff will be if/when they figure out how to spin the nanotubes themselves out to infinite lengths. The strength of the material is predicted to be incredible, and is the material of choice with which to build a space elevator.