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Well, it is not motion in the sense that, as you say, nothing is moving. Then again in a water wave the particles only move up and down whilst the wave propogates laterally. It is not un-reasonable to think about this system as a binary transverse wave where the amplitude is either on or off. Of course each light isn't triggering the light next to it to turn on so the analogy can only go so far - there is no energy transfer, which is one of the defining features of a wave.
So, yeah; it's similar to a wave but not exactly the same. I wonder if the pattern could be made to fit the universal wave equation, anyone game to try?
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