The channel of a field effect transistor can act as a resonator for plasma waves propagating in a two-dimensional electron gas. The plasma frequency increases with reduction of the channel length and can reach the terahertz (THz) range for nanometer size transistors. Recent experimental results show these transistors can be potential candidates for a new class of THz detectors and emitters. This work gives an overview of our recent relevant experimental results. We also outline unresolved problems and questions concerning THz detection and emission by nanometer transistors.