Would this mean that I no longer need to run Genymotion?
Personally I loved Genymotion and used it for all my emulator testing (although the vast majority of my testing was done on a real device). But with Android 2+, it's the opposite: 99% of my testing is done on the default emulator (the rest is using a device). It's that good.
Don't know whether this problem has been addressed by this 2.0 release.