Employing a semi-analytic approach, we study the influence of key structural and optical parameters on the thermo-optic characteristics of photonic crystal waveguide (PCW) structures on a silicon-on-insulator (SOI) platform. The power consumption and spatial temperature profile of such structures are given as explicit functions of various structural, thermal and optical parameters, offering physical insight not available in finite-element simulations. Agreement with finite-element simulations and experiments is demonstrated. Thermal enhancement of the air-bridge structure is analyzed. The practical limit of thermo-optic switching power in slow light PCWs is discussed, and the scaling with key parameters is analyzed. Optical switching with sub-milliwatt power is shown viable.