Presented here is a new approach for analysis of the so-called holey photonic crystals—a class of electro-optical components, in which periodicity of air holes in dielectric media is used for confinement of light. This class includes several kinds of microstructured fibers, semiconductor lasers etc. Accurate evaluation of optical characteristics of those devices is usually a complicated problem due to the large dimensions and the fine structure of their refractive index distribution. Furthermore, usually, only numerical solutions for this class of optical components are available. The overwhelming majority of the physical models, suitable for analysis of holey photonic devices, proceed from the “natural” assumption: the devices are considered as arrays of air holes, surrounded by dielectric material. In this work we propose another model. Namely, we treat them as arrays of dielectric spots (waveguides), embedded in the air (cladding material). This model allows utilization of the extended coupled-mode theory (a relatively new approach designed for analysis of infinite arrays of coupled waveguides and previously considered inapplicable to holey optical components) for calculations of the latter. In this sense, we present a new method for analysis of holey photonic crystals. On the one hand, our method allows analytical evaluation of some optical characteristics of holey optical components (such as the number of photonic bands and bandwidth). On the other hand, accurate numerical computation of the photonic band structure of the holey photonic devices, incorporating a large number of holes, can be done with this technique on a timescale of several minutes.