One of my most read aritle in this tiny blog is How to make Android emulator fast. The small trick about increase memory size indeed improve the speed, but not as much. Now we have a (almost) final solution to the problem, using the x86 based emulator!
The official documentation is here:
Right now only 2 emulator image are available. 2.3.3 and 4.0.3, without Google API support. But it's still a huge progress. Looking for the beautiful red line in console when start emulator.
[2012-08-27 21:03:20 - Emulator] HAX is working and emulator runs in fast virt mode