Personally, I see biotechnology having further-reaching and more readily-accessible outcomes than nanotechnology. The best nanotech work done so far is theoretical, but the best biotech - especially biomimicry - is producing results today.
It seems quite often when we accuse nature of having bad design that it turns out to be subtly brilliant. So how long before we cut nature some slack and assume it's designed pretty well? You may not choose to use the term "design", but you have to admit that all of nature seems to work pretty well, even when we think it's poor at first.
Mokalus of Borg
PS - The allegedly "backwards wired eye" is a classic example.
PPS - Knees could probably be a little more robust, though.