Ive put together a droid-centric drawing application that makes use of our oppressed multi-touch hardware. Its not much, but if you just want to draw with one or more fingers and no ads then this is probably what your looking for. You can change the brush size and the color the brush draws with and the last update lets you save & share your drawings. Although it seems complete it is still a demo (beta) while I iron out a full set of features.
Screenshots @ Androlib: Simply Draw (multi-touch) v1.0 Application for Android | Demo
Note: The full (non-demo) version will still be free.
Search for Simply Draw in the Android Market
Adding/Changing features often, use this thread if you have any questions or may have found a bug. Thanks!