I think you need to look at a number of factors, but start by looking at the manifest.xml this should enable you to work out how to limit the App to devices with a small screen and medium screen...
However the lines become a little blurred when you get to newer phones and tablets which have similar screen resolutions.. of course most of the time the pixel density should also be taken into account.. but this is done within the App.
So large and xlarge screen definitions become a bit more difficult to determine.
I actually only make one version, but then programmatically decide what can and can't be done on a phone or tablet.. i.e. that tablets only allow landscape for instance. This isn't too difficult to do and then the landscape layouts only get displayed on tablets. The phones never know about it - because the text and on screen info. would be too small.
hth