SAP has developed a memory porfiler for java applications that takes a java memory dump, a hprof file a heap dump, and analyses that data both visually and otherwise to allow us to do queries of that data to analyze trends and change code. Earier this year they had open sourced this technology and donated it to the Eclipse Project as the sub-project called Eclipse MAT(Memory Analyzer Technology). A the same time the Android Project started working on a converter that converted Dalvik heap dump data to the hprof file format.
Several bloggers have instructions in how to use it in Android SDK 1.5( Such as here and here), the caveat being that the multiple-processes data is not yet converted to hprof format, I would imagine that would be completed in time for ANdroid SDK 2.0.
What you may have noticed that the profiling tools for Android are becoming Eclipse enabled. There is also a profiling data converter to take the traces.txt data and allow you to analyze that data using Eclipse TPTP. Notice tha the underlying data tool engine for both projects is Eclipse BiRT. That will become important in integrating with an Android Application Build System.