Starting with Android SDK Tools rev 17 the Android emulator supports using the hardware virtualization feature (Intel VT, VT-x, vmx and AMD-V, SVM) which should speed-up x86 bas
Had the same issue on Windows 7 32bit with Q6600 Intel processor and pretty outdated Asus P5E-VM SE motherboard. The motherboard did not even have a switch for virtualization, though Intel tool: http://www.intel.com/support/processors/tools/piu/sb/CS-014921.htm indicated that VT technology is enabled. The culprit was that Data Execution prevention was enabled only for windows services, I have enabled it for all programs and after computer restart received this message in the Android Console of the Eclipse: HAX is working and emulator runs in fast virt mode
DEP setting is located: Located Windows/Control Panel/System&Security/System/Advanced System Settings/Advanced tab/Performance/Data Execution Prevention tab
The idea to check it I received here: https://developer.tizen.org/sdk/haxm Though only used standard images (not Tizen ones).
Have to say that loading of the emulator in the virtualization mode is not nearly as impressive as on Intel promo video: http://www.youtube.com/watch?v=pt9IeJ777zw But uploading of the application (mine is pretty big ~5MB) and general responsiveness of the emulator is quite significant. One cannot say that it works as native computer (that it sometimes there is a visible lag), but again it is visibly faster. It eats a lot of memory though (I have 4 GB, only 14MB is free when emulator will run).