I have a library project in Xcode 4. I\'m building against iOS 4.3. The build products path is set to /Developer/Projects/BuildOutput. I\'m building \'iPhone 4.3 Simulator\'.
They changed the build behavior in Xcode 4 a little, so builds do not longer end up in the same directories as before.
You can fix this in the Xcode 4 preferences (notice the Derived Data setting):