IMHO I think that all the models have a great place but the problem I have with the model first approach is in many large businesses with DBA's controlling the databases you do not get the flexibility of building applications without using database first approaches. I have worked on many projects and when it came to deployment they wanted full control.
So as much as I agree with all the possible variations Code First, Model First, Database first, you must consider the actual production environment. So if your system is going to be a large user base application with many users and DBA's running the show then you might consider the Database first option just my opinion.
