According to a source within the UFC, the corner footage from St-Pierre/Penn II has been surrendered to the Nevada State Athletic Commission. While we only saw brief clips during the fight, the UFC actually has a camera on each corner the entire break. This will allow the NSAC to assess whether Phil Nurse acted maliciously or idiotically.
My best guess is he will never work a corner in the UFC, or with any major promotion, ever again. Greg Jackson also might end up seeing a fine out of this. I think he deserves more blame than he's getting, but it seems like everyone is happy enough to crucify Nurse and be done with it.