Unfortunately, in the civilian sector (as opposed to military where I prosecuted as a JAG), the checks on this type of thing are slim at best - rogue Federal prosecutors in particular seem to have no problem avoiding trouble after ruining people's lives like this dude did - let me clarify that I am talking here about a small minority of Federal prosecutors. The vast majority serves this country honorably and well. But the system (unlike, again, in the military) is simply not equipped to identify and punish prosecutorial misconduct in the civilian world. Plus the existing mechanism is inadequate and rarely if ever used.
This case will be the exception that proves the rule however. Nifong does not have even a 'fig leaf' to hide behind since its now obvious that he knew, or should have known almost form the beginning that he had no case - yet he continued it, curiously enough about the time he was up for reelection.
Whether he'll be disbarred is an open question - I personally doubt it unless evidence of misconduct is incontrovertible. But he will never prosecute again after he's hit with a suspension of his license, which I think is a more likely outcome, for some period of time.
If evidence shows willfull misconduct as some of the allegations indicate, he might be made an example of.
And that would be a good thing. Political aspirations of a small minority of civilian prosecutors occasionally result in miscarriages of justice like this one, and it will be refreshing to see at least one such prosecutor get his 'just desserts'.