It appears that we can - theoretically - build a single static library that includes both simulator and iPhone and iPad.
However, Apple has no documentation on this
I needed a fat static lib for JsonKit so created a static lib project in Xcode and then ran this bash script in the project directory. So long as you've configured the xcode project with "Build active configuration only" turned off, you should get all architectures in one lib.
#!/bin/bash
xcodebuild -sdk iphoneos
xcodebuild -sdk iphonesimulator
lipo -create -output libJsonKit.a build/Release-iphoneos/libJsonKit.a build/Release-iphonesimulator/libJsonKit.a