I have manage the get the following working under QEMU:
Debian (lenny or squeeze) booting from a disk image or an SD card.
Mojo Ubuntu v5/v6-vfp from a disk image (no initrd so no SD card?).
Is it possible to use Ångström, Ubuntu Jaunty or Android under QEMU?
Also, am I correct in thinking that the emulated hardware might be
faster at ordinary tasks (e.g. compilation) but the real hardware will
be faster for video and graphics tasks (provided that the dedicated
hardware is actually used).