I remember seeing these types of model-based stuff back when I was still in college. The appeal is obvious, but how practical and widespread is this? What is the biggest application ever built with this approach?
I think it's a joke. IBM published business models that were supposed to be widely reusable, even between companies. Didn't exactly work out.
Successful projects include telephone switching systems, avionics, most electronics in cars, a lot of process control. Companies generally keep the project details "commercial in confidence".