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Over the past few years, several novel nanoscale computing concepts have been proposed as potential post-complementary metal oxide semiconductor (CMOS) computing fabrics. In these, key focus is on inventing a faster and lower power alternative to conventional metal oxide semiconductor field effect transators. Instead, we propose a fundamental shift in mindset towards more functional building blocks, replacing simple switches with more sophisticated information encoding and computing based on alternate state variables to achieve a significantly more efficient and compact logic. Specifically, we propose wave computation enabled by magnetic spin wave interactions called as spin wave functions (SPWFs). In SPWFs, computation is based on wave interference and information can be encoded in a wave's phase, amplitude and frequency. In this paper, we provide an update on key fabric concepts and design aspects. Our analysis shows that circuit design choices can have a significant impact on overall fabric/device capabilities required and vice versa. Thereby, we adapt an integrated fabric-circuit exploration methodology. Control schemes for wave streaming and synchronization are also discussed with several SPWF circuit topologies. Our estimations show that significant area and power benefits can be expected for SPWF-based designs versus CMOS. In particular, for a 1-bit adder up to 40X area benefit and up to 304X power consumption reduction may be possible with SPWF-based implementation versus 45 nm CMOS.