According to BlueStack's feature chart, it supports up to 96% of all apps and 86% of all games on the Android market. BlueStacks isn't the only product on the market of its kind, but it does boast higher compatibility and a greater feature set than the competitors. BlueStacks is a free, ad-supported product for PC and Mac that enables you to download and run Android applications from your PC, as if using an Android device itself. The fastest and easiest way I've found to test Android applications is via the BlueStacks app player.
If your development machine has Intel-based hardware you can accelerate the emulation process by using Intel® HAXM technology, but AMD users are not yet so lucky.
The configurable Android virtual machines in Eclipse/Android Studio are notably sluggish and don't work well with many third party frameworks, especially those powered by C++. Testing Android applications on PC or Mac without a physical device can be quite a burden.