IMO EA is cheap and effective as a requirements modelling tool, i.e. it does a good job of modelling individual requirements and their relationships to each other and to other parts of the model, but it falls far short as a requirements management tool.
Requirements management is about managing and controlling a body of requirements. RM tools such as Telelogic DOORS (which is the global market leader) and DOORS/Analyst (which allows embedding UML 2.0 models with the requirements) automate all those manual, error-prone and tedious management activities such as:
* What is affected by requirement/s change?
* What higher-level requirements(s) is this requirement trying to satisfy?
* What is the change history of this/these requirement/s?
* Automatic generation of traceability matrices
etc.
* Detaching part of the requirements structure for remote updating
* What part of the documentation structure/requirements hierarchy has not yet been updated following a requirements change?
* How many requirements contain the word 'shall', how many 'should', how many 'may'?
* How many of my requirements have been complied with?
And of course many aspects of requirements simply cannot be captured using UML, particularly non-functional, performance, regulatory, contractual, etc. requirements. Textual requirements, diagrams, tables, are all essential in any non-trivial project.
Smaller projects can get away with a lot (by using people instead of automation tools), but the larger the project the more important it becomes (because mistakes or omissions become more expensive) to use the right tool for the job; if you use a hammer (i.e. EA) when you need a screwdriver (i.e. a proper Requirements Management tool), the screw may well be driven home, but you are unlikely to be ever able to remove it for maintenance or to change the fixing. To take the analogy to an extreme, if you have hammered a screw in, you may well have to go out and buy an electric drill to drill out the original screw to change it when time comes for maintenance. This might not matter if it is only one screw, but if there are a hundred, or a thousand...
So, use EA for what it is good at (UML modelling, requirements modelling), but be aware that it is not designed for versioning of individual requirements and their relationships, for requirements management, for traceability and impact analysis,...