Had a hard time until the first Delphi XE5 app did execute on the emulator. Until then, the screen of the emulator just remained black.
When starting the emulator from the Android Tools instead of letting it start by Delphi I noticed two log entries
emulator: ERROR: Could not load OpenGLES emulation library: Could not load DLL! emulator: WARNING: Could not initialize OpenglES emulation, using software renderer.
which finally did lead me here: http://code.google.com/p/android/issues/detail?id=33336
Adding the appropriate folder to my path environment did do the trick for me.