If debugging tools are still imperfect, I have to advise you that profiling tools are rather immature... when they even work! Actually, there is no real official support from Google for memory or performance profiler, except in the emulator. This may change soon or later. But right now, those who like to tweak code and analyse each instruction may starve. This is particularly true when developing with a non-developer or non-rooted phone.
Hopefully, a few solutions exist and some are coming. Let's cite the following one: