I doubt that the technology choice is so clear cut. I'd guess that the major factors are the group velocity (i.e., the speed of modulation, rather than the spee

I doubt that the technology choice is so clear cut. I'd guess that the major factors are the group velocity (i.e., the speed of modulation, rather than the speed of a wavefront), the group delay of the analog (roughly 1/bandwidth), and the clock/complexity of the digital stuff (coding and modulation and whatnot). Point-to-point microwave may well be better, but it'd take a while to put a good delay budget together.