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We present MILAN, a model based extensible framework that facilitates rapid, multigranular performance evaluation of a large class of embedded systems, by seamlessly integrating different widely used simulators in to a unified environment. MILAN provides a formal paradigm for specification of structural and behavioral aspects of embedded systems, an integrated model-based approach, and a unified software environment for system design and simulation. This paper provides an overview of MILAN, discusses the Model Integrated Computing philosophy, and illustrates the high-level modeling concepts being developed in the MILAN project for embedded systems design and evaluation.