Dear joe2moon
You are starting a very interesting discussion. Formal Verification promises much faster results, especially as design complexity is continuously increasing, while dynamic simulation offers practical applications. Your points are correct. However only time can show what is about to happen. I remember the VHDL International Users Forum in 1997, where an Italian Professor spoke and said that he could not understand how his students used a language (VHDL) and a computer to design circuits and not schematics on a piece of paper. The answer he got from and industry representative was "VHDL is here to stay!" At the moment, IMHO we can not say if formal verification has come to stay or not. It looks like!
We can say many more about the topic but I think I have to stop. joe2moon I would suggest to take a look at the proceedings or attend DAC, ICCAD or DATE conferences! And once again thank you for the nice subject you have put on even if it does not fit exactly with elektroda (IMHO).