The number of bits in any form is so close to infinite, that it doesn't make much sense to estimate it. Continuing in Lagerbaer's method, let's suppose we can find a ten-parameter fit to electronic wavefunctions for each electron, not using a grid, but using some parameters that describe the center position and spread, and oscillations.
The phenomenon of entanglement means that you need a hundred-parameter fit for 2 electrons, and for 10^80 electrons, you need
$$ 10^{10^{80}}$$
numbers, or if you want to be pedantic in terms of bits, assuming double precision is good enough:
$$ 10^{10^{80}+2}$$
This is an order of magnitude which is totally false, since I left out the huger number of photons. If you want to describe the wavefunction of photons (and protons and neutrons), then you need a lot more numbers in the double exponent.
This estimate is mind-bogglingly absurd--- the majority of this wavefunction is describing highly entangled superpositions of particle positions that are nothing like what we observe classically. A classical description requires
$$ 10^{80} $$
bits, give or take, since it scales linearly with the number of particles. This mismatch in scaling between quantum mechanics and classical approximation to the universe is what makes a lot of people uneasy with taking quantum mechanics seriously as the final theory. What possible use is there in requiring such a vast number of bits for simulation? Wouldn't it be nicer to have a theory which has the right number of bits? The vast computational space of quantum mechanics is also what makes people interpret it as a many-worlds theory, it is spreading into a space of possibilities that is so staggeringly huge, and our status in the theory only lets us see a tiny little subpart of this enormous space.
One can take the view that quantum mechanics is complete, and since it is so much vaster than classical mechanics, even a modest size quantum computer, on the order of 10,000 qubits, can do factoring calculations that exceed the capacity of a classical computer of $10^{80}$ bits. If we build such a computer, it will be hopeless to reduce the description to a classical one.
But we haven't done so yet, so a serious question remains: does there exist a theory in which you can reduce quantum mechanics to a managable size? Can you reproduce the dinky quantum mechanics which we see, which is essentially just classical mechanics with occasional quantum effects, with a theory which is fundamentally classical?
The one thing we know for sure is that we can't do this locally. If you use a local classical model, you will fail to reproduce Bell's inequality violations. But gravity is known to be nonlocal, and one can (barely) imagine a nonlocal classical computer conspiring to produce something that looks like quantum mechanics for some sort of embedded observers. Nobody has such a theory, but if it makes a computation the size of the classical universe, it will predict that quantum computation will fail when factoring large enough doable numbers.