You can still get GPU emulation on Android 4.0 - this isn't tied at all to the x86 images for 2.3.3. When creating an image, just make sure to set the hardware property "GPU Emulation" to "yes" (you can do this by creating a new emulator, or editing a current one, going to "Hardware" at the bottom, clicking "New" on the far right, selecting "GPU Emulation", hitting okay, double clicking on GPU Emulation in the property list and setting it to "yes").