If you open the eclipse log file called .log in the .metadata directory (which is in your workspace), you may have the following exception:
! ENTRY org.eclipse.ui 4 0 2012-12-06 14: 17: 03.497! MESSAGE Unhandled event loop exception! STACK 0 java.lang.NullPointerException at com.android.sdklib.internal.avd.AvdInfo.getDeviceName (AvdInfo.java:158) in com.android.sdkuilib.internal.repository.ui.DeviceManagerPage.fillDevices (DeviceManagerPagejava. ) at com.android.sdkuilib.internal.repository.ui.DeviceManagerPage.fillTable (DeviceManagerPage.javahaps57) at com.android.sdkuilib.internal.repository.ui.DeviceManagerPage.createContents (DeviceManagerPage.java:259) on com. android.sdkuilib.internal.repository.ui.DeviceManagerPage. (DeviceManagerPage.java:130)
See this link for a fix:
http://code.google.com/p/android/issues/detail?id=40400
I warn you that they will tell you to install "Tools 21.0.1 preview 1". They seem to have changed their name to "Android Development Tools".
I installed it and now it works for me.
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