There's no easy answer to that question because it depends on what your target use case actually is.
Remember that the goal of Android is to be a universal platform for hardware, which means that the target devices for Android are much more heterogeneous than iOS - and therefore the intended use case as well.
I use an out-of-date Android device as a portable music player and an up-to-date one as my regular phone. Even that's not that wildly different if you start imagining people running Android on their household appliances.
So, in my case, even though I technically still run Gingerbread, I'm fine with Android applications requiring 4.2+, since the only device that runs Gingerbread is essentially a single-purpose dedicated device. I imagine we'll start to see more of this behavior in the future.