Optical memories based on holo-graphic storage have the potential of large volume, rapid access and relative-ly low cost. Estimates of up to 108 bits of storage, random access times of a few microseconds and per bit costs of a few hundredths of a cent are reasonable. Yet to our knowledge such a compelling combination of cost and performance does not exist in a marketable system. What then is the problem, or problems? In this talk we will explore both the promise and several of the problems encountered in the development of a read only holographic optical memory.