Does anyone work this out? I have the same problem with 2.2 version. (I can see /sdcard folder in 2.1).
There is no /sdcard folder in [file explorer] tab of DDMS.
I saw the "x" letter in the anthenna at the very top of the screen, which means the emul has the sdcard.
Of course, I found "Unmount SD card" in the setting and tried to unmount and mount it and it worked well.
The only problem is that I can't see /sdcard so I can't copy a file to this folder.
Please let me know if anyone worked this out.