When I configure Qemu VM in GNS3 I do it similar to the one in GNS3 0.8.6. I select ASA 8.4 and apply it's preconfigured settings. Then in the appropriate tab, I point out the GNS3 initrd and vmlinuz files. Even then when I start the ASA it doesn't start. It just freezes and the cosole shows nothing. I tried to reboot a number of times in hope of it recovering itself, but nothing happened.
Note: The previous GNS3 0.8.6 qemu works perfectly fine. Please help. Everything works fine except this little thing... :(

Okay I figured it out. I needed to change the qemu type to 64bit and also changed the name to just ASA. I think the space in the Device name was messing up the startup. Something with linux and spaces... :P