OK, got it! The emulator runs on my Windows 8 machine!
Either install Win8 x86 or uninstall Hyper-V on your x64 version. Then it should work. If not, then you have to run the x64 inside a VM, because of some hardware things...
I installed the whole SDK and uninstalled all the tools I don't need so I've got just my emulator and the deployment tools on my Win8 tablet.
Only drawback: My tablet is too slow to view the WP7 fluently. However ... it works!
- HTC Titan [X310E] (WP7 7.10.8107.79 Mango)
- HTC Aria [Gratia] (Android 2.2 - not yet rooted)
- HTC HD7 [Schubert] (WP7)
- HTC HD2 [Leo] (WM 6.5.X + Android 2.2)
- HTC Touch Diamond 2 [Topaz] (WM 6.5.X)
- HTC Touch Diamond (WM 6.5.X)
- HTC TyTN II [P4550 Kaiser 120] (WM 6.0)
Yes, I'm a fanboy. Microsoft and HTC ftw! Screw you, Apple!
And while you're still reading: It's Windows Phone 7, neither Windows Mobile 7 nor Windows 7 Phone.