At the Orlando Visual Studio 2010 Launch event, I did the session on Windows Phone 7, and one of the questions that came up was whether the emulator supported multi-touch. At the time, I answered that it only supported a single touch, but that is incorrect.
If you have a monitor that supports multi-touch, the emulator will accept up to four touch points (or as many as the monitor supports up to four).
My Acer tablet supports 2-point multi-touch, but I suspect I was having a driver issue when I was testing touch with the emulator. I’ve since re-tested and confirmed that the emulator does indeed support multi-touch, which is very, very cool.
So there’s a lot you can test with the emulator while we all await the arrival of the actual hardware later this year!
What is the make and model of your Acer laptop?
It's the Acer 1420p, the same model that was given away at PDC (I purchased one for myself, since the folks who I talked to who owned one found it to be a nice form factor and good for multi-touch demos).