I have HD7690M XT (an overclocked version of 6770M) and Android emulator (sdk tool rev.20) for ICS failed to start hardware OpenGL ES emulation with the following error message:
emulator: ERROR: Could not load OpenGLES emulation library: Could not load DLL!
emulator: WARNING: Could not initialize OpenglES emulation, using software renderer.
and with software renderer I got really bad color resolution (please see the attached screenshots). I suspect that this is due to the software renderer (no such problem in emulating earlier versions of Android). Have someone who can run hardware emulation seen this problem?
What graphic cards can hardware GPU emulation run on? (You can see detailed debug messages by executing $ emulator -avd your_avd_name -verbose)