With the release of the Windows Phone 7.1 SDK RC, there is now an easy way to use the emulator to simulate sensor data (such as data from the accelerometer). Unfortunately, I'm doing WP7 development in a VM and haven't yet had any luck getting the new SDK functionality to work in that environment.
I am however able to run the emulator using the WP7 Developer Tools RTW, but of course that version did not include functionality to simulate sensor data. There are a couple of options that people have identified for simulating accelerometer data (see Example using a mouse, Example using a Wiimote, Example using external app). For my needs, I decided to go with the mouse-driven approach.
While I could have easily used the C# library from the previously mentioned example, I decided instead to port that example to F#. The result is show here:
You can find the full example at https://github.com/dmohl/FsWP7Accelerometer.