As per the Apple iPhone Human Interface Guidelines I have created a Default.png image which is displayed while waiting for the application to load.
I created the image u
In recent versions of the iOS Simulator just use File -> Save Screenshot.
If you need to edit the screenshot at all (like rotate 90 degrees for landscape-only apps) using Preview's Tools -> Rotate Right is easy. If you edit the screenshot in Preview, be sure to take @ville-laurikari's advice and also use Tools -> Assign Profile... -> Color LCD before saving to make sure your colors look right.