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The term "Model based design and development" has grown in popularity over the past decade. Within the embedded avionics community the term model based design implies the development and application of "control models and simulations" within tools such as MATLAB. At Honeywell, the authors have been engaged in model based development (MBD) and associated tools development for avionics applications. This position paper applies the lessons learned and discusses several issues, relating to sound model-based design, to meet design assurance and certification objectives. The paper examines the dominant approaches utilized by some of the popular model-based design, code generation and verification tool suites available commercially. It contrasts these approaches to traditional software design, implementation, and verification methods. This paper also recommends taking a broader perspective of MBD and suggests adopting lessons learned from the classical software engineering arena. We discuss this together with areas for future investigation, standardization, and automation tool development and integration.