Android - Simulator similar to iPhone one

I guess it is technically possible to simulate an environment on which one could run and test Android code. It is Java-based after all. Often, I don't have my device with me, plus, it is not very practical to build against all the time. Besides, the default emulator is ridiculously slow and resource hungry, which makes it an even less practical option.

I am flowing in the dark. Please give me a clue, event if something is in its early stages of development, or if there's a hacky approach to compile Android code against a desktop OS, i would be very happy to know. There must be a faster way to develop than using the default simulator. At least, Apple did it.

NOTE: There is a difference between emulation and simulation. I hope that anyone who decides to post a question is aware of that.

I am willing to give 50 bounty points for the best answer.

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