Perhaps it'll mean more if someone else says it:
Although nanosleep() takes a timespec struct that allows you to give an accuracy with nanosecond precision, nanosleep doesn't really give anywhere near that level of accuracy. Under Linux, the kernel only checks on timers once every "jiffie," which defaults to 1 ms under the 2.6 kernel (on older kernels it was 10 ms, and 10 ms is still a compile option in the 2.6 kernel). Once upon a time, nanosleep would busy-wait if the sleep time given was less than 2 ms, but not anymore. On the other hand, don't be too discouraged—as long as you don't need submillisecond accuracy, nanosleep() is very good…