Several of you device developers out there, might be running Device Emulator (or Device Emulator Manager) from your command prompt. And if your command prompt is "running as administrator", you need to know a few things.
The emulator is a COM server, and any running emulator that registers itself in COM's Running Object Table (ROT) when you are running as a "normal" user will not be visible to you when running with "elevated" permissions and vice-versa. So, "don't mix and match", is a good rule of thumb for all things elevated and unelevated.
Note: The same logic applies also when you are connecting Visual Studio Remote Tools (File Viewer, Registry Editor, etc.) to your emulator. Keep privileges the same.