I have been using YouWave (Basic version - Android 2.3.4) with great success. There is also a "Home" version - Android 3.13 - released sometime after I got the Basic version. I use it for my basic testing - it is as fast as a real device and makes testing easy. I connect to B4A via port 5558 (batch file command of "adb connect 127.0.0.1:5558". It works very well.
The one limitation is mentioned on their download page:
"If VirtualBox is installed on your pc, YouWave can only be installed on Windows guests, not on your host machines. Please do not install YouWave on the host machine unless you have VirtualBox uninstalled."
but aside from that, it works well for testing.
Check
http://www.youwave.com/ for details.