This panel will focus on two problems in formal and semiformal verification of co-design models. First one can be categorized as Hierarchical verification or compositional verification. The second one is Incremental verification. Advances and challenges in both of these are important for realization of verification strategies for reasonable sized models, including hardware models, as well as hardware/software co-design models. This short position paper explains the MEMOCODE committee's view of these problems, followed by short position statements by the panelists.