Chip I/O pins are an increasingly limited resource and significantly affect the performance, power and cost of multicore processors. Optical interconnects promise low power and high bandwidth, and are potential alternatives to electrical interconnects. This work systematically developed a set of analytical models for electrical and optical interconnects to study their structures, receiver sensitivities, crosstalk noises, and attenuations. We verified the models by published implementation results. The analytical models quantitatively identified the advantages of optical interconnects in terms of bandwidth, energy consumption, and transmission distance. We showed that optical interconnects can significantly reduce chip pin counts. For example, compared to electrical interconnects, optical interconnects can save at least 92% signal pins when connecting chips more than 25 cm (10 inches) apart.