The "gotcha" in all of this is the specification (or lack thereof, in comse cases) to define what needs to be tested and the relative importance of each item. That's what we struggle with. That, and the massive volume of data you could potentially be collecting (coverage) and how to manage that. Usually, we end of following Frank's methodology! :)
The toughest question to answer is always "are we done?" But products need to get finished and shipped anyway, which is probably what resulted in the old expression, "time to shoot the engineers and ship the product!"
Interesting to read about System on chip verification methodology.
That's a new world to me. I think I'll start reading a little more about it. The term IP is somewhat louring and to think there are companies doing that and selling that seems interesting.