I remember when I did bluetooth debugging on S60 2nd SDK emulators, it was full of frustrations. Since PCIMA bluetooth equipment is expensive, like many other developers, I use USB bluetooth dongle instead. I have to use Nokia connectivity Framework to support my lovely dongle and several S60 SDKs.
There're many traps when doing configurations for NCF and S60 2nd SDKs. But they worked fine for me eventually. What's frustrated was Nokia stopped officially supporting USB bluetooth dongle from 3rd SDK(refer to the release notes). It made developer so hard to do the debugging for bluetooth software.
luckily, now Nokia released a 3rd party USB dongle driver recently. If you interested in it, you can find it from http://www.forum.nokia.com/info/sw.nokia.com/id/9d50801f-1f95-4c83-87bc-cb83d4a21bef/S60_SDK_BT_Driver.zip.html. I've tried it for S60 3rd MR SDK, it worked perfect! So exciting! I knew some guy from EMCC software had tried it in UIQ3 SDK and it worked fine! Meaning that, this driver can help us to debug BT in both S60 and UIQ, that's just cool :).
Note: this driver only supports Windows XP and it hasn't been completely tested by Nokia.