Files inside android emulator :

neomac2:images neo$ pwd
/Users/neo/Downloads/android/android-sdk-mac_86/platforms/android-2.1/images
neomac2:images neo$ file *
NOTICE.txt:   ISO-8859 English text
kernel-qemu:  data
ramdisk.img:  gzip compressed data, from Unix
system.img:   VMS Alpha executable
userdata.img: VMS Alpha executable
neomac2:images neo$

system.img, userdata.img is actually yaffs image files, could use unyaffs to unpack :

http://code.google.com/p/unyaffs/downloads/list