In order to put application on Android Market one of most important steps is signing it. There is pretty comprehensive guide available for that in developer documentation. I followed instructions wondering why everything needs to be done in command-line only to discover at the very end that those steps are not needed.
All you need is proper setup of your development environment. Once you have that, creating Market-ready application is just matter of right-clicking on project and selecting "Export Android Application". From there wizard will guide you through key creation, compilation and all other necessary steps.