We discuss the limits of the photon wavefunction (PWF) formalism, which is experiencing a revival in these days from the new practical applications in photonics and quantum optics. We build a Dirac-like equation for the PWF written in a manifestly covariant form and show that, in presence of charged matter fields, it reproduces the standard formulation of (classical) Electrodinamics. This shows the inconsistency of the attempts to construct a quantum theory of interacting photons, based on the so called photon wavefunction approach, alternative to standard QED. PWF formalism can then be used to provide an easier description of the propagation of free photons, when the photon number remains fixed in time.
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