Yesterday at MWC I was telling Bryan Agnetta how frustrating it is not to be able to use you hardware keyboard to input text in the Emulator and he told me that as long as he knows there is some shortcut that enables the hardware keyboard in the emulator. Searching with google I've found a post on Brad Tutterow's blog and in fact you can use PgUp to enable the hardware keyboard in the emulator. Hope this tip will help you as much as it helps me. No more frustration...:)
Here are all the shortcuts:
Page up / page down: Toggle between the software keyboard on the emulator and the hardware keyboard on your development machine. While using your machine’s keyboard, you can TAB between fields.