Android SDK Tools r14 is released few days ago...

If you use Android 4.0 (API14), cpu is set to armeabi-v7a which is compatible with APK packages created with Corona!

I've just tested my app with it and it installed and ran just fine except few glitches I'm about to fix now...

Animation speed is a bit slow (4-5 fps I guess) but it's perfect for testing glitches, buttons, crashes, etc...

Drat!!
Can't get the emulator to start on my Mac.... will investigate later, but thanks for the info!