Mmm.
I'm assumming you're using cnxsoft kernel. there's one issue here. If you boot into your guest system, cat /proc/cpuinfo will show no vfp support. (at least this happened to me).
As R-Pi has one nice fpu, and i'm preparing my debian packages to use it, I couldn't test any recompiled app (Illegal instruction error).
So. recompiled 3.0.4 kernel patched with this
http://thoronir.net/raspi-dev/linux-arm.patch (This patch enables armv6 on versatile platform) and enabled fpu support on config.
So if you're using qemu 1.0 and an enabled fpu kernel suporting arm1176-jfs, you could test fpu .
Another options is use coremu. coremu is a modified qemu with smp support (each guest cpu is running on his own thread on host). You will have to get a cortex enabled kernel (ubuntu has some). Sometimes cross compiling is a hell, so ii's usefull to compile some native-tied packages. But it's still slow, but faster than single qemu.