We analyze spin wave-based logic circuits as a possible route to building reconfigurable magnetic circuits compatible with conventional electron-based devices. A distinctive feature of the spin wave logic circuits is that a bit of information is encoded into the phase of the spin wave. It makes possible to transmit information as a magnetization signal through magnetic waveguides without the use of an electric current. By exploiting sin wave superposition, a set of logic gates such as AND, OR, and Majority gate can be realized in one circuit. We present experimental data illustrating the performance of a three-terminal micrometer scale spin wave-based logic device fabricated on a silicon platform. The device operates in the GHz frequency range and at room temperature. The output power modulation is achieved via the control of the relative phases of two input spin wave signals. The obtained data shows the possibility of using spin waves for achieving logic functionality. The scalability of the spin wave-based logic devices is defined by the wavelength of the spin wave, which depends on the magnetic material and waveguide geometry. Potentially, a multifunctional spin wave logic gate can be scaled down to 0.1μm2. Another potential advantage of the spin wave-based logic circuitry is the ability to implement logic gates with fewer elements as compared to CMOS-based circuits in achieving same functionality. The shortcomings and disadvantages of the spin wave-based devices are also discussed.