I recently upgraded to Snow Leopard and since then I am having difficulty running Instrument to instrument my app from Xcode. The Record button would be grayed out, and nothing
The problem is instrument needs a gateway to your app and simply pointing to it doesn't do it. The Instrument's workflow is as such: You need to profile it from Xcode first.
Apple's documentation says
If Instruments has access to information about your app’s source code, a leak is reported as a class name. Otherwise, a leak is reported as a memory address, such as Malloc-size. To ensure that Instruments has access to information about your code, initiate profiling from Xcode (see Profile from Xcode) or configure a symbol mappings file (see Map Data to Source Code).