The European southern observatory ESO is currently undertaking the ambitious task of building a “Planet Finder” instrument for the VLT. The concept for this instrument includes a 3D spectroscopic imager assisted by a very powerful eXtreme AO system. In one of the two phase-A studies for this project, we have developed a simulation software for this kind of instrument which has now been extended and applied to the case of various ELTs. In this presentation, we give results of simulations and discuss achievable signal to noise ratios and prospects for detection and characterization from young gas giants down to terrestrial type planets. ELTs of various diameters are considered as well as a set of environmental conditions.