There's no doubt that Hardware/Software co-design is a popular and challenging topic. In the embedded world, there is an added twist that real world voltage potentials exist and currents flow, as a result of the hardware and software. It's a system! Throughput, Latency, and Power that you can actually measure unambiguously!
We find it grounding to put drafty concepts on simple footings.
AR RF Bench (August-2010)