Modern phones have 12GB of RAM. The standard Android 4.0 emulator runs with 256MB to 512MB . If your "lightweight" modern app crashes here, you have memory leaks. Testing on ICS is brutal, efficient performance testing.
Emulators serve three primary purposes for ICS:
Genymotion is a professional-grade emulator used by QA teams. It offers a free personal edition. Unlike AVD, Genymotion uses VirtualBox as its backend, providing excellent performance on older laptops.
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