I have reviewed the content of some of the currently best Android apps (not to mention that I often check the content of apps I personally or professionally use) and I see that they DO NOT support small screens. I do not mean they they literary do not support them by excluding them in the Manifest file. It's just that the directory LDPI is almost empty (except launcher icon and maybe a few other icons) and that layout-small directory does not even exist.
So the question is, should we bother to support the small screens when nowadays Android devices start from MDPI/NORMAL to up?
The whole point of Android is to be compatible with different hardware characteristics so I would tend to say "yes" it's important to consider low res targets.
Although, doing some research it's true that there are less and less ldpi devices. This article shows interesting results:
UPDATE: watch that article on Android developer website for more up to date figures: http://developer.android.com/resources/dashboard/screens.html