Skype for Android 1.0.1 makes a number of changes based on its user feedback, which has been lukewarm overall. Among the bug fixes are support for 320x240-pixel (QVGA) and 240x400-pixel screen resolutions, support for the hardware "back" button, and behavior that exits Skype when you sign out.
In addition, Skype has made its installer smaller and has done some work to improve stability and decrease power consumption while idling.
However, some known issues remain. For instance, Skype.com links won't automatically open in the native browser for Android 2.0 and 2.1 phones and speakerphone issues for some phones in the Galaxy S series. The full list is here.