I had this issue running the emulator on Ubuntu 14.04. Disabling the audio does bring down the CPU usage, but in case you need audio to work, it can be fixed by adding a symlink:
sudo ln -s /usr/lib/x86_64-linux-gnu/libpulse.so.0 /usr/lib/x86_64-linux-gnu/libpulse.so
The reason for this is that the emulator tries to use pulseaudio as the backend, but will be unable to link to libpulse.so, which does not exist on Ubuntu (unless you installed the libpulse-dev
package). Then it will fall back to ALSA, which constantly calls poll, causing 100% CPU usage.
A fix for the emulator is coming, but for now, adding the symlink solves the issue.