We are working on this, but Android audio is a really hard problem. Android audio is currently just terrible so we don't have much to work with. You just need to Google it to see for yourself.
That said, I just pushed some new changes to the Android OpenAL backend today that try to improve the latency. This needs to be tested by all of you to make sure it doesn't break things in other ways.
We are investigating OpenSL ES as a new backend to OpenAL, but it requires Android 2.3+. But early word on the internet is that the performance is still terrible. I suspect that we will need to wait for hardware makers to get their act together as well to take advantage of OpenSL ES.
We've got to hope that adobe can fix this problem for us - I was very psyched to do a music-oriented cross-platform app in AIR.