The Frequency Modulated Ultra-Wideband (FM-UWB) is known as a low-power, low-complexity modulation scheme targeting low to moderate data rates in applications such as wireless body area networks. In this paper, a thorough review of all FM-UWB receivers and transmitters reported in literature is presented. The emphasis is on trends in power reduction that exhibit an improvement by a factor 20 over the past eight years, showing the high potential of FM-UWB. The main architectural and circuit techniques that have led to this improvement are highlighted. Seldom explored potential of using higher data rates and more complex modulations is demonstrated as a way to increase energy efficiency of FM-UWB. Multi-user communication over a single Radio Frequency (RF) channel is explored in more depth and multi-channel transmission is proposed as an extension of standard FM-UWB. The two techniques provide means of decreasing network latency, improving performance, and allow the FM-UWB to accommodate the increasing number of sensor nodes in the emerging applications such as High-DensityWireless Sensor Networks.