Upgraded to Android Studio 0.2.0 and got the following error. The error got resolved after applying suggested solution but now the following error appeared.
Deleting the facet-manager component from IML file did not solve the problem for me. I got the same error and closing and reopening the project caused the facet-manager component to be recreated in the iml file.
I had to delete the .idea directory and the .iml file and then import the top level gradle.build file to solve the problem. I was able to import the project in place using the import option on the initial Android Studio menu (with no project open).