What we do view Matlab as is an exceptional domain-specific matrix manipulation and data visualization language. The IDE is exceptionally easy to use, and combined with the great graphs/plots makes debugging and iteration very easy. If we need to do something Matlab can't, we write it in a different language and use files for IPC. This approach covers 99.9% of everything we do.
I get that Matlab is super expensive, and that annoys me too. I'd love to use it at home, and not struggle instead with terrible development environments(I use SciPy/Matplotlib at home - mostly from an IPython shell - Spyder doesn't cut it, even though I wanted it to so much). But my workplace pays real engineers and scientists fairly large sums of money, and doesn't bat too much of an eye at paying for productivity tools, the cost of which I feel is the main disadvantage of Matlab.