From Haaretz:

The crucifixion of Jesus was a significant event in the life of the high priest, Jacobovici notes, and finding the nails is “like finding a soccer ball in the burial chamber of Pele in Brazil in 2,000 years.”
However, according to Joe Zias, who served as curator at the Antiquities Authority for 25 years, the nails which Jacobovici is presenting in his movie were dug up in a different location, more than 30 years ago. Furthermore, the nails found in Caiaphas’ burial cave, and cited in an article published on the dig by archaeologist Dr. Zvi Greenhut, were lost after the excavation 21 years ago. Greenhut and staff at the Antiquities Authority deduce that the two nails in question have no scientific or other significance: Many like them have been found in archaeological digs of the Roman period and are not even cataloged, they say.
Zias also says that the nails, which are 8 cm. long, could not have been used for crucifixion because they are too short. He says that it is most likely that Jesus was in fact tied to the cross and not nailed, because in that era nails were expensive although the wood used in crosses were reused.

The full story is here.  Gordon Franz has covered most of this already.

HT: Joe Lauer