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Generally, the benefit of Simulink I believe is the simulation environment. Its much faster that modelsim and is much easier to generate vectors, apply them and collect the result. Sweeping parameters for things like fixed point analysis and filter lengths, sample rates, is also easier. This works well for algorithms which are somewhat feedforward with relatively light control. Your not going to replace a DSP with DSP builder, but a upconverter is rather straightforward
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I do see this as a great advantage of Simulink in general. The ability to model an entire system and create behavioural architectural models is great, especially when it comes to black box testing. What I dont like simulink/dsp builder for is actual implementation when it is slightly outside of the scope of the existing blocks. Building a design from primitives goes back to the old days of Quartus schematic entry (or at least it feels like it). Also, with the new IEEE fixed point library I can see at a glance what range a signal/variable exists in, rather than having to go through the paramenters for each block.
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