In my application I load a couple of images from JPEG and PNG files. When I place all those files into assets directory and load it in this way, everything is ok:
Bitmap memory isn't in the VM heap but rather in the native heap - see BitmapFactory OOM driving me nuts
Garbage collection for the native heap is lazier than the VM heap - so you need to be quite aggressive about doing bitmap.recycle and bitmap =null every time you go through an Activity's onPause or onDestroy