This paper presents a component-based modelling approach to system-software co-engineering of real-time embedded systems, in particular aerospace systems. Our method is centred around the standardized Architecture Analysis and Design Language (AADL) modelling framework. We formalize a significant subset of AADL, incorporating its recent Error Model Annex for modelling faults and repairs. The major distinguishing aspects of this component-based approach are the possibility to describe nominal hardware and software operations, hybrid (and timing) aspects, as well as probabilistic faults and their propagation and recovery. Moreover, it supports dynamic (i.e. on-the-fly) reconfiguration of components and inter-component connections. The operational semantics gives a precise interpretation of specifications by providing a mapping onto networks of event-data automata. These networks are then subject to different kinds of formal analysis such as model checking, safety and dependability analysis and performance evaluation. Mature tool support realizes these analyses. The activities reported in this paper are carried out in the context of the correctness, modelling, and performance of aerospace systems, project which is funded by the European Space Agency.