Android Studio is an IDE specifically developed for Android development that provides improvements over Eclipse such as a lightweight interface, improved visual editor for UI design, and advanced lint checking. It features a complete build system, hassle-free dependency management, and build variants for flexibility. Genymotion is a fast emulator that can be used with Android Studio to further increase productivity when developing Android applications. The document provides information on downloading and installing Android Studio and Genymotion, and highlights some of their key features and benefits over Eclipse.