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the work I do is rather simple. I build my design from the bottom up using building blocks. These building blocks do simple tasks and are quicker to test with the internal simulator than writing a TB and firing up Modelsim interactively. The building blocks use a standard interconnect, which is actually a subset-like of Avalon-ST. So I am assured that when I connect a string of them together, it will work.
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Yeah, but you have to look at the simulation output to decide that it works. I prefer to have computers do dumb repetitive stuff, they're much better at paying attention.
The main thing I really like about Modelsim simulations, is that I can setup a Makefile with 'make check' target that runs all my testbenches. Each component I design has a self-checking testbench. If I'm editing my library code and I make a logical error (somehow change a bus transaction sequence/timing or something stupid), then there is a very good chance my 'make check' checks will fail, and I'll catch my error. The testbench can generate randomized transactions and generate many more tests than you would be able to manually.
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But as Altera has dropped the internal simulator, for the newer cyclone families I will have to look in ModelSim again some time in the (near) future when I need to simulate a 'real' project.
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When you're ready, feel free to ask for a reference example. Hopefully I'll have had a chance to write up a 'Guide to scripting' and you can be the reviewer.
(It looks like I've ripped the Makefile part out of the Modelsim stuff I posted above, so don't go looking there for an example - the MAKECHECK generic in the code is used by the Makefile)
Cheers,
Dave