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OS version: Ubuntu 14.04 LTS
Java JRE/JDK version: 1.7.0_60-b19 i386
Android Studio 0.6.1; Build 135.1224218
Gradle 1.11
Android-Gradle-Plugin 0.11.+

I just updated my SDK Tools, Platform tools and downloaded the new system images and SDK for Android L and Wear.

After open Android Studio this error appears:

Error:Execution failed for task ':app:processDebugManifest'.
> Manifest merger failed : uses-sdk:minSdkVersion 15 cannot be smaller than version 15 declared in library com.android.support:support-v4:21.0.0-rc1

My script is:

dependencies {
    // Support
    compile 'com.android.support:support-v4:19.1.+'
    compile 'com.android.support:appcompat-v7:19.1.+'
    // ...
}

android {
    compileSdkVersion 19
    buildToolsVersion "19.1.0"

    defaultConfig {
        applicationId ...
        minSdkVersion 15
        targetSdkVersion 19
    }
    // ...
}

I workaround, commenting the line:

      <version>21.0.0-rc1</version>

In file "<android-sdk>/extras/android/m2repository/com/android/support-v4/maven-metadata.xml"