I have two iOS projects that under Xcode 3 built properly and these iPhone been on sale in the app store for some time. After upgrading to Xcode 4, Xcode now thinks these are Ma
I didn't face any issues opening the projects in Xcode 4 which are built in Xcode 3. However there can be wired issue with the Xcode 4 you are using. Try resetting the architecture to armv6 or armv7 and base SDK to latest iOS SDK using the build settings. Also set the deployment target properly. This should allow you to run the application in Xcode 4.
Also, try uninstalling the xcode and install Xcode 4 again. This should fix the wired issue you have with your xcode 4.