I don't see how the wavelength is comparable to transistor size because as you switch to the optical realm, the benefit of information propagation at speeds near c (or c, if you're pulling a vacuum) means physical size doesn't matter as much. At 4Ghz you can move information 7.5cm in one cycle, and that's a pretty large distance compared to any integrated circuit I've ever seen.
Why is storage necessary? If you can move bits to optical gates and get a result back it seems to me like you can work around the fact that, in an electrical system, capacitance and heat (due to density achieved in the quest for minimizing capacitance) start to limit the computation you can do.