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We provide a comprehensive progress update on the magnonic spin wave functions nanofabric. Spin wave propagation does not involve any physical movement of charge particles. Information is encoded in the phase of the wave and computation is based on the principle of superposition. This provides a fundamental advantage over conventional charge based electronics and opens new horizons for novel nano-scale architectures. The coupling mechanism between the spin and charge domain is enabled by the Magneto-Electric (ME) cells. Based on our experimental work we show that, an electric field of ~1MV/m would be required to obtain 90 degree magnetization rotation. The paper also provides a methodology for estimating ME cell switching energy. In particular, we show that this energy can be as low as 10aJ. In addition, we discuss different topology options and circuit styles for 1-bit/2-bit magnonic adders. Our estimates on benefits vs. 45nm CMOS implementation show that, for a 1-bit adder, ~40X reduction in area and ~60X reduction in power is possible with the spin wave based implementation. For the 2-bit adder, results show that ~33x area reduction and ~40X reductions in power may be possible.