Turbo product codes (TPCs) are an attractive solution to improve link budgets and reduce systems costs by relaxing the requirements on expensive optical devices in high capacity optical transport systems. In this paper, we investigate the use of Reed-Solomon (RS) turbo product codes for 40 Gbps transmission over optical transport networks and 10 Gbps transmission over passive optical networks. An algorithmic study is first performed in order to design RS TPCs that are compatible with the performance requirements imposed by the two applications. Then, a novel ultrahigh-speed parallel architecture for turbo decoding of product codes is described. A comparison with binary Bose-Chaudhuri-Hocquenghem (BCH) TPCs is performed. The results show that high-rate RS TPCs offer a better complexity/performance tradeoff than BCH TPCs for low-cost Gbps fiber optic communications.