The correct url is:
file:///android_asset/RELATIVEPATH
where RELATIVEPATH is the path to your resource relative to the assets folder.
Note the 3 /'s in the scheme. Web view would not load any of my assets without the 3. I tried 2 as (previously) commented by CommonsWare and it wouldn't work. Then I looked at CommonsWare's source on github and noticed the extra forward slash.
This testing though was only done on the 1.6 Android emulator but I doubt its different on a real device or higher version.
EDIT: CommonsWare updated his answer to reflect this tiny change. So I've edited this so it still makes sense with his current answer.