Researchers at semiconductor manufacturer ROHM, Ltd. and Osaka University have created a transceiver that works at terahertz frequencies (300 GHz) and is capable of transmitting data rates as high as 1.5 Gbps over short distances.
The device is small, only 1.5 x 3.0mm including an integrated antenna structure. When a voltage is applied to its resonant tunneling diode, it oscillates at a terahertz frequency. As a reception device, the researchers say the device is four times more sensitive than existing terahertz-band detection devices. The group expects to be able to achieve high speed data transmission rates as high as 30 Gbps in the future.
I can see these low cost devices being used for transmitting HDTV or better uncompressed video between devices, replacing cables or more complicated devices operating at lower frequencies or for very high speed short range data networks.
A Google translation of the original announcement from ROHM, including pictures is available here.