It's easier but has a cost in terms of performance.
If the target density is known, it'll be better to script all the needed conversion for your icons / splashscreen / images and forget about that to the next time your masters change… at no cost…
Here is an example using ImageMagick for my icons and listview eye-candies from pdf masters:
#!/bin/bash
convert -transparent white ic_padlock.pdf ic_padlock.png
convert -scale 36x36 ic_padlock.png ../../res/drawable-ldpi/ic_launcher_padlock.png
convert -scale 48x48 ic_padlock.png ../../res/drawable-mdpi/ic_launcher_padlock.png
convert -scale 72x72 ic_padlock.png ../../res/drawable-hdpi/ic_launcher_padlock.png
convert -scale 24x24 ic_padlock.png ../../res/drawable-ldpi/ic_listview_padlock.png
convert -scale 32x32 ic_padlock.png ../../res/drawable-mdpi/ic_listview_padlock.png
convert -scale 48x48 ic_padlock.png ../../res/drawable-hdpi/ic_listview_padlock.png
convert -transparent white ic_padlock_ok.pdf ic_padlock_ok.png
convert -scale 36x36 ic_padlock_ok.png ../../res/drawable-ldpi/ic_listview_padlock_ok.png
convert -scale 48x48 ic_padlock_ok.png ../../res/drawable-mdpi/ic_listview_padlock_ok.png
convert -scale 72x72 ic_padlock_ok.png ../../res/drawable-hdpi/ic_listview_padlock_ok.png
You can use convert with a density parameter for best rendering:
convert -density targetdensityxtargetdensity -transparent white splash.pdf ../../res/drawable/splash.png