I have developed a mobile application that uses Google Maps Android API v1, and I plan to port it to the recent Google Maps Android API v2, as recommended by Google.
It'a API Level 8 (Froyo), because of the Play Services dependency.
Also take care that if you are using API levels 8 - 10 you need to use SupportMapFragment with the Android Support Library: http://developer.android.com/tools/extras/support-library.html , because fragments were only added in API level 11.