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
The Android icon guidelines say that the baseline should be assumed to be mdpi, so if you're using the default drawable directory, images should be designed according to those guidelines (48x48 for launcher icons). According to the documentation:
The system assumes that default resources are designed for the baseline screen size and density, which is a normal screen size and a medium density. (from http://developer.android.com/guide/practices/screens_support.html)
There's a bit of information there regarding when images from the default drawable directory are used too, but nothing specific.