qemu-system-xtensa -cpu dc233c -M virt -m 2G -nographic -semihosting \
    -monitor null -serial mon:stdio \
    -device virtio-blk-pci,drive=vd0 \
    -drive file=~/ws/tensilica/buildroot/build-xtensa-virt-dc233c/images/rootfs.ext2.orig,format=raw,id=vd0 \
    -device virtio-rng-pci \
    -device virtio-gpu-pci,edid=true \
    -device virtio-keyboard-pci -device virtio-mouse-pci \
    -net tap,ifname=tap0,script=no,downscript=no -net nic,model=virtio-net-pci \
    -device AC97,audiodev=audio1 -audiodev alsa,id=audio1 \
    -s \
    -kernel builds/default-virt-dc233c/arch/xtensa/boot/Image.elf \
    -append 'console=ttyS0,115200n8 debug root=/dev/vda ip=dhcp'

Use console=tty0 for console on FB VT.