I have my Android SDK up to date(22.3). It includes API 19. But I wander if does it support screen preview for Nexus 5 in the Layout XML Editor. The most performant phone I can choose is Nexus 4. Is it missing or I have to do something special to be able to see it? If yes, what should I do?
UPDATE:
The 22.6 version of the Android SDK Tools offers preview for Nexus 5 and Nexus 7 II (1200x1920: xhdpi)
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In addition to creating your own devices, I found the extra device definitions provided by Sony to be useful. Go here for instructions: Install – detailed instructions
EDIT:
Check out this too: List Of Devices
You can see that Sony's devices are the same as others in that list you may want to emulate.
In the emulator all you care about is screen size, dpi, and API. You don't care what actual camera it has, what processor it's using, how big the HD is, and you can't use more than 768M of memory anyway. The Sony Xperia Z1 == S5.
You will either have to create the device yourself by putting in all of the dimensions or you can download an add-on such as GenyMotion which is around 10x faster to use as your emulator.
Genymotion: http://www.genymotion.com/