I think the ball, from looking at the trajectory in that picture, was heading out of bounds short of the end zone. Thus, it would have been LSU ball inside the 1.
When you watch the full replay, you'll see the ball hit the official's right hand, which would indicate that it would have gone out in the end zone and therefore been Georgia's ball. Not arguing, just pointing that out.
As far as the people who say "So, take way those two punt returns, and LSU still wins 28-10," they are missing the bigger picture. That was a HUGE momentum swing in the game. LSU had done next to nothing by that point and without that play to pump them up nobody knows what would have happened. Sure, LSU probably would have still won, simply because they're a lot better team than Georgia, but if Georgia goes in at the half up 10-0 or 13-0 and Miles comes out in the second half and puts Jarrett Lee in and he throws a couple of picks, who knows? The point is the game should be called consistently - rules are rules - and SEC officials are the country's worst at doing this. The marquee teams in the league get preferential treatment by the officials and it's obvious. Anybody who doesn't believe this isn't looking very closely.