Actually waiting for the OS to load on the emulator. This usually takes a few minutes, depending on the configuration of your system.
Wait a few minutes, and you can see the regular Android OS loaded on the emulator.
The usual console output when starting the application on a new emulator looks something like this:
[2013-06-17 16:06:52 - FirstRun] New emulator found: emulator-5554
[2013-06-17 16:06:52 - FirstRun] Waiting for HOME ('android.process.acore') to be launched...
[2013-06-17 16:08:00 - FirstRun] HOME is up on device 'emulator-5554'
[2013-06-17 16:08:00 - FirstRun] Uploading FirstRun.apk onto device 'emulator-5554'
[2013-06-17 16:08:01 - FirstRun] Installing FirstRun.apk...
[2013-06-17 16:08:30 - FirstRun] Success!
[2013-06-17 16:08:30 - FirstRun] Starting activity dev.swm.firstrun.MainActivity on device emulator-5554
[2013-06-17 16:08:32 - FirstRun] ActivityManager: Starting: Intent { act=android.intent.action.MAIN cat=[android.intent.category.LAUNCHER] cmp=dev.swm.firstrun/.MainActivity }
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