MSPSim is a Java-based instruction level emulator of the MSP430 and MSP430X series microprocessor and emulation of some sensor networking platforms. Supports loading of IHEX and ELF firmware files, and has some tools for monitoring stack, setting breakpoints, and profiling.

We are users of the YourKit profiler: http://www.yourkit.com/ when we profile MSPSim (they provide with a free license for open source projects).