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As far as I know, Intel is working closely with Google on Android open source project. In 2012, there will be Intel Atom based Smartphones and Tablets on the market very soon. Accordingly, there will be more technical contents including emulator, system image (iso), performance optimization and power reduction guide etc. from Intel engineers available on this forum for Android for x86 developers.
What kind of emulator? Do you mean the emulator for andorid OS(AVD)? You can compile the aosp for x86 and then use the generated files (ramdisk.img system.img userdata.img) to "android-sdk-windows\platforms\android-**\images\x86", after this, when you create a new AVD with AVD/SDK manager, the CPU/ABI will be atom(x86). Is this what you need? If yes, you can have a try. Any issue, we can discuss.
But I think it doesn't matter how hard
they try to make it work, it will ultimately fail. Sure, some people
will use it, but it's more likely that it will remain a gimmick..