It's working fine for me using jPCT 1.25 ES2.0 via the jellybean (4.1) Intel AVD, Intel HAX, and GPU acceleration. Performance it about the same as the phone (recent Samsung Galaxy), but it stutters every few seconds and flickers occasionally. Needs a bit of work but it's usable.
A lot of the time I get that "Failed to allocate memory: 8" error when launching the emulator. Lowering the RAM doesn't seem to help but setting the screen resolution manually oddly seems to get it working.