Which version of VS are you using because if it is the express edition MonoForAndroid or IOs won't install it's plugins to the IDE and you will have to switch to MonoDevelop, and I havemt yet gotten that beast to launch the Android Emulater. I do have to say as a sidenote I haven't tried getting the emulator to run beyond 1 or 2 hours of googling and trying options. http://altdevblogaday.com/2012/02/27/altdevconf-session-videos/ have a look at the Cross Platform Game Development in C# talk it's pretty good.
Thanks for the link! It was a great read. It looks like MonoGame is the way to go!
I just upgraded everything from XNA 3.1 to XNA 4.0, so I'm using VC# Express 2010 at the moment. I have MonoDevelop all set up and ready to go, but I haven't actually tried it yet. Thanks for the links to the videos as well, I'll check them out later tonight!