Here, Matt Kaplan explains (Nature News, 20 February 2011),
Twenty years ago the palaeontological community gasped as geoscientists revealed evidence for the oldest bacterial fossils on the planet. Now, a report in Nature Geoscience1 shows that the filament structures that were so important in the fossil descriptions are not remnants of ancient life, but instead composed of inorganic material.
The finding
… is not stirring feelings of jubilation. “After nearly 30 years of effort at pushing evidence for life to or beyond 3.5 billion years ago, we are reminded that the ancient record is more fraught with complications than we ever thought,” says geologist Stephen Mojzsis at the University of Colorado, Boulder.
But hope springs eternal:
Although the filamentous structures seem now not to be biological, the study did find an intriguing detail in the rock matrix surrounding the filaments — it contained carbonaceous material, which could, perhaps, have been formed by living things.