Adding on to what Brent said, the reason that I use 1.5x and 3x is to cover the wide variety of shapes. Corona SDK works by saying "Is my screen bigger than 1.5x of my base size. Lets say you use a 320x480 base for your screen size (which is reasonable. You wouldn’t get @2x images, if we used 2.0 as the value until the device was 640px wide. So those 1024x600 tablets would use the lower resolution graphics. By using 1.5x, the bigger images get used on anything wider than 480px and those get scaled down instead of stretching up. This gives you the best image for the screen shape.
Then by using images who’s areas can be bigger than which ever screen is in use, you can use one set of backgrounds. Then your core images can simply be based on your 320px for 1x, 640px for @2x and 1280px for @4x and it all kind of magically works.