The design of IC, package, and PCB for wireless applications is aggressively driven by cost in addition to performance due to competitive market forces and the consumer business model. In such a case, it is imperative to perform accurate 3D modeling of the electromagnetic environment of the PCB and package, accurate and distributed extraction of the IC power-grid and efficient simulation strategies with the models to evaluate system performance. To that end, the presentation focuses on some of the key challenges around system-level modeling, extraction and simulation and time-domain vs frequency-domain characterization. Additionally, the presentation focuses on design abstraction needs at pre-layout vs post-layout phase and the need for accurate measurement-based benchmarking.