In reply to MEM (others could appreciate, too, hopefully)
I followed the instructions from the portugese video and I have been able to simulate either the Duemilanove and the Mega.
Having some few issues using softwareserail (garbage on LCD).
I also don't have idea of the real speed of the simulator compared to the real circuit but all the stuff works good enough for a real newbie who does not want to burn his fisrt arduino
In the CPU properties, in the simulator, I specify which .elf file has to be used. With 0017 IDE that file was in the "proper" directory so, once linked, I can modify and recompile (upload, to be true, to have it moved in the applet folder) without the (real) hassle of moving it every time.
Moreoaver having separate applets folders for each project is a MUST for archiving. I have a folder for each project that included everyting I need to archive/move. pde files and applet, simulator project including link to the correct elf.
So... I definitely miss the "move to applet" feature!! :'(
Hope my answer covers your question.
Let me know.