If you find yourself wondering how to use your old component packs (and hence simulators) from the first Eclipse plugin (v1.0), there’s a great discussion on the support forums tackling exactly that.
Creating an .ee file and adding the JRE to the workspace worked like a charm for me. I’m using the upated plugin v1.1.2 on Eclipse 3.5 and all this has been an incremental update from 1.0 (beta).