Hello, I've downloaded Eclipse Classic 3.5 Galileo, the last version of Android SDK, downloaded and installed Eclipse Android 1.6 platform. I've created first (and the only) AVD with Android 1.6 and the default skin. The log may show more: I've filtered only neccessary messages (warnings, errors).
As you can see, my new AVD has started in 16:17 and it was still loading in 17:35... The emulator looks like this:
PS: The restrictions about number of links for new accounts are REALLY annoying...