UPDATE: The latest version of Android studio (2.x) made major improvements to the bundled emulator. It's responsive and has a whole bunch of features.
For those still interested: Try using Genymotion. You can download a version for Windows/Mac OS X/Linux after registering. A plugin for Eclipse is also available:
The installation of the plugin can be done by launching Eclipse and going to "Help / Install New Software" menu, then just add a new Update Site with the following URL: http://plugins.genymotion.com/eclipse. Follow the steps indicated by Eclipse.
This emulator is fast and responsive.
GenyMotion allows you to control various sensors of your device including the battery level, signal strength, and GPS. The latest version now also contains camera tools.