I'd like to comment on what I perceive as a common misconception in the "schematic vs HDL" design entry debate. That is, you must choose between one or the other. Contrary to Tricky's assertion of "no use in the working world", many people, myself included, prefer to do our top level designs in schematic or block diagram form, and then code each of the top level blocks in HDL. Why? Because a top level design in block diagram form can give an instant picture of the overall system architecture as well as a clear view of the signal flow through the various processing blocks. You can perceive in minutes (or less) what might take hours pouring over a text based top level entry. I'm dumbfounded why more people don't take this approach, though they must have their reasons. Imagine, though, that you asked someone for a (hardware) schematic of a board you were working on and they handed you a netlist. What would your response be?
In fairness to Tricky I will agree that if by "schematic design" you mean designing your logic with gates, counters and all manner of old-style 7400 series devices then this mode is outdated, irrelevant and has no place in modern digital system design.