I refer to the documentation at http://developer.android.com/guide/practices/ui_guidelines/icon_design.html#icon-sets
Hence, I plan to have the following directory struc
I don't think you need to supply an image in the drawable/ directory if you have populated drawable-ldpi/ drawable-mdpi/ and drawable-hdpi/ with launcher icons.
drawable/
drawable-ldpi/
drawable-mdpi/
drawable-hdpi/