Opera Mobile emulator is the desktop version of Opera's smart phone browser. The Opera Mobile emulator renders pages as close as you can get to how it would look on a real phone. It can be paired with Opera Dragonfly for an effective testing environment before taking it to the physical phone. The Opera Mobile Widgets Emulator is included to aid developing Opera Widgets.
Um, cnet? This isn't version 10, it's version 12.1
Cowicide
Pros
As far as OME goes, it's fast, low CPU and remembers browser history across devices. Like the iOS simulator, it allows you to drag and drop URL favicons from Safari, etc. to the emulator and it'll open the page.
Many presets including Kindle, HTC, Asus, LG, Lenovo, Droid, Samsung, Sony and Toshiba, etc.
This is one of the best emulators out there for speed and simplicity in testing websites for mobile, but unfortunately it's only going to show you how it looks for Opera and not allow you to install other browsers or try the default browsers on mobile devices. (More on this in the "Cons")
Cons
Presets don't include iPhone, iPad, etc. and requires some tinkering to do make them. Also this isn't going to show you how sites look with other browsers, but that's to be expected since this is just an Opera testing environment. Also, some media won't work as expected.
Summary
Too bad I don't see anywhere easily report that the version number is old like I used to be able to easily do before cnet bought out versiontracker. :( Lame, cnet, lame.... Do you not use your own website, cnet and check it for usability? LAME.