Flexible electronics provides new opportunities to broaden the range of applications of electronic components in addressing the grand challenges of energy, health care, sensing, and display technologies. While there have been considerable progress in this area based on advances of conducting polymers, newer approaches based on nanonet fabrics, transfer-printed thin films, and flexible interconnects may potentially offer higher performance and more reliable alternatives. In this article, we discuss the electrical, optical, biosensing, and energy storage potential of nanonet fabrics. Our analysis shows that an entirely new conceptual framework that combines classical techniques with nonlinear percolation model, fractal geometry of surfaces, and stochastic transport models is necessary to design and optimize the highest performance components and systems based on such nanonet technology. The key ideas turn out to elegantly simple intuitive generalization of standard textbook approaches. And once these techniques are understood and mastered, the design of nanonet components appears to be no more difficult than those based on classical bulk devices.