Yesterday the Android-Team published an early look version of Android SDK 1.5.

The next release will include many improvements and new features. The Android SDK 1.5 Highlights are very interesting but the main point i am looking forward to is the support of multiple versions of Android in a single SDK installation. That will take development to the next level.

One important recommendation : For the moment, don’t update your development installation yet. The new Eclipse ADT version is not compatible with the SDK 1.1. The documentation is just available with the downloadable SDK package.
Using a second instance is the best way to take a look.