I'm getting very low framerate with OpenGL ES. If the model is far from the camera I get like 35 fps, but if it fills entire screen (say, a skybox) I'm getting 6-8 fps. It even happens when rendering a skybox alone and nothing else.
Is that actually an issue with the emulator? I'm using Windows XP SP3 on a AMD Athlon 64 Dual Core 3800 2Ghz, with 1 Gb RAM.
The emulator doesn't use any hardware acceleration AFAIK, so it can get quite slow at times. Especially with blending and in other fillrate taxing situations, like yours. Have you tried running your project on an actual device? I'm guessing it will perform better on a phone.
Disclaimer: My experience with the emulator so far is on a very dated Athlon XP machine, so with current PCs it probably is much faster -- on my PC it's practically unusable.