Hello,
The analog voltage divider method will certainly reduce I/O pin requirements, assuming A/D channels are available. However, for the 4 x 3 matrix keypad case, I cannot see how to reduce the number of channels below three, one for each column. An example of this arrangement is shown in the attached file. Since only five different voltage levels are required (including zero for no key pressed) the reliability should be OK.
With the analog method, there could be ambiguity if more than one key is simultaneously pressed (with the usual digital scanning approach this can be readily detected). For the analog example shown, detection is straightforward if the multiple keys are in different columns of the keypad. If the multiple keys are in the same column, the voltage level would actually correspond to the key with the highest voltage level, so results would remain predictable.
Regards,
Mac