Actually, I'm not an expert on photonics, the analogue of voltage could be wavelength, in which case upconversion can provide the same function. There's a lot of fluff on the Purdue site but this is actually a fairly interesting device and the research isn't bad.
the sheer scale of the whole manufacturing industry more than makes up for that
Err, I assume you're saying this in a Machiavellian, free market pirate sort of way (i.e., worth it for the manufacturing contractors), since volume production is a really crooked way to make money. Workers operating on razor thin profit margins don't make any more in a volume based system unless they multiply their workload. It also does a piss poor job of ensuring the economic security of a region in the normal way: wages are spread so thinly that they can hardly be entered back into the economy except in the form of food purchases. Sure, the numbers work out, but the Walmart business model is only good for the Waltons: no one else.
Top Ten Things Overheard At The ANSI C Draft Committee Meetings: (5) All right, who's the wiseguy who stuck this trigraph stuff in here?