Android’s biggest challenge is distribution of apps and limited market share.
I was one of the people that competed in the initial Android app challenge sponsored by google (I did place within the top 20% of all contestants, though I wasn’t the lucky 53 applicants that won the dollar prize). The platform at the time was forever changing and was unstable. Don’t know if things have changed, but app distribution will be the biggest issue. Also, currently only available on T-mobile.
You best bet for an app as an individual is iphone and possibly crackberry. Not enough android users for you to make money off of an android app, short of winning google’s coding contests.
Your next best bet would be a mobile app that runs in the mobile phone browser rather than a standalone app, because then you can worry less about carrier issues.