I know that the topic was discussed here last year, but I am hoping that someone has since found a fix. The emulator is simply not working for me anymore. It took 15 minut
The best advice I've received is to use to target an older platform and a lower resolution. The emulator for Android 1.5 at HVGA is significantly faster to load than 3.1 at tablet resolution.
If you are running an emulator for a newer Android version, and want to see what it is doing while loading, you can watch on 'adb logcat'. It at least gives some better feedback than the word "Android" with a light shining across it!