The only thing that sucks (for me) is the app has to be developed using Java. The SDK does not support native application development yet.
From what I've read so far, there technically shouldn't be a reason why Ruby (via JRuby) and Python (via Jython) couldnt eventually be used to code Android apps. The SDK compiles Java code to native java byte code, which is in turn compiled to "Dalvik" byte code to be used by the Android VM. How the java byte code is generated (javac, jruby, jython, etc) should not matter, assuming it is using only the supported libraries.
Apologies if this is a dumb question -- I haven't read this yet.
Hopefully there should be either documentation/source for the VM at some point or an enterprising person is reverse engineering it as we speak.