With multiple APK support, you can now upload multiple versions of an APK for a single product listing, with each one addressing a different subset of your customers. These APKs are complete, independent APKs that share the same package name, but contain code and resources to target different Android platform versions, screen sizes, or GL texture-compression formats. When users download or purchase your app, Android Market chooses the right APK to deliver based on the characteristics of the device.
So, Google’s solution to rampant fragmentation in device features and OS molestation is to make the developer ship multiple versions of the same app on a per device basis? Sounds like an open-faced shit sandwich to me.