I've been trying to get the emulator to work for days. Previously I tried the Windows Phone 8.1 Emulator as well as the Windows 8.1 Simulator and both were stuck at loading the OS.
Earlier today I installed the new Windows 10 Tools and thought I should give it another try with the new Windows 10 Emulator... And no, still the same result.
What's strange is that, the Hyper-V Manager seems to be doing OK. I can see the app displays correctly on the little Preview window (see the box on the left side of the picture below).
Also, breakpoints are hit, the project seems to be running OK.
As many answers have already suggested, I tried letting it running for an hour, but still nothing came up.
Things that I've also tried include uninstalling all the Virtual Machines as well as repairing the WP 8.1 Emulator, nothing has worked so far.
Please help, this has driven me completely insane. :(
Update
Not sure if this would help, but if I change the Windows Phone Emulator Internal Switch to use Private network instead of Internal, I will get a couple of warnings saying Unable to determine the Host IP address and then the Emulator will show up with the Emergency Call screen. Not much I can do from there as the three buttons on the bottom are not functioning at all.
I understand that changing the connection type is not the right way to do it, but this at least tells me that the Emulator can work, it's just a matter of how.