Just heard that Sandro and team have released the Giano simuator - find it off of http://research.microsoft.com/research/downloads/ - Microsoft Giano.
Giano is a dual-headed hardware simulator, it includes both CPU and HDL simulators. The CPU simulations provided are ARM, MIPS and PowerPC, the HDL simulator is Verilog. Giano faithfully simulates a complete Atmel EB63 evaluation board with an attached FPGA. Additionally, Giano simulates a display and a sound device that do not actually exist on the EB63 board. Giano is portable and extensible, it is easy to add CPUs and I/O modules to it. The HDL simulators currently supported are ModelSim and Icarus Verilog.