I made a collision detection module for AndEngine.
The module extends AndEngine’s Sprite and AnimatedSprite classes with pixel-perfect collision detection.
The collision detection speed depends on the size of the overlap between the sprites. On my Incredible, the demo was running at roughly 5 collisions per millisecond, each with an intersection area of 96x100 pixels. However, the benchmark was crude, and my game required only a small fraction of that speed, so YMMV.
Installation and usage instructions are in the readme.