This paper considers the problem of routing connections in a reconfigurable optical network using wavelength division multiplexing, where each connection between a pair of nodes in the network is assigned a path through the network and a wavelength on that path, such that connections whose paths share a common link in the network are assigned different wavelengths. We derive an upper bound on the carried traffic of connections (or equivalently, a lower bound on the blocking probability) for any routing and wavelength assignment (RWA) algorithm in such a network. The bound scales with the number of wavelengths and is achieved asymptotically (when a large number of wavelengths is available) by a fixed RWA algorithm. Although computationally intensive, our bound can be used as a metric against which the performance of different RWA algorithms can be compared for networks of moderate size. We illustrate this by comparing the performance of a simple shortest-path RWA (SP-RWA) algorithm via simulation relative to our bound. We also derive a similar bound for optical networks using dynamic wavelength converters, which are equivalent to circuit-switched telephone networks, and compare the two cases for different examples. Finally, we quantify the amount of wavelength reuse achievable in large networks using the SP-RWA via simulation as a function of the number of wavelengths, number of edges, and number of nodes for randomly constructed networks as well as de~Bruijn networks. We also quantify the difference in wavelength reuse between two different optical node architectures. The results show that it is feasible to provide several all-optical connections to each node in a large network using a limited number of wavelengths. For instance, using 32 wavelengths, it is possible to provide 10 full-duplex connections to each node in a 128-node random network with average degree 4, and 5 full-duplex connections per node in a 1000-node random network with average degree 4. The results also show that wavelength converters offer a 10--40\% increase in the amount of reuse achievable for our sampling of 14 networks ranging from 16 to 1000 nodes when the number of wavelengths available is small (10 or 32).