If you have installed Windows Phone SDK 8 on a Windows 8 x64 machine which does not have SLAT (Second Level Address Translation) support with hardware virtulization, you will not be able to run the Windows Phone Emulator 8.0 and get the following message:

This computer does not support hardware virtulization, which means Windows Phone Emulator 8.0 cant run on this PC. 

If your machine is SLAT enabled you sure can check if Hyper-V settings in "Windows Features" as below:

Or to verify if your CPU supports SLAT you can run the following utility in your Windows 8 machine:

http://slatstatuscheck.codeplex.com/