I am currently developing a game with Xcode 4.1.1 (MBP recent, 8Gb mem). The project accounts for approximately 200K lines of objective-C, 2500 resources.
Well, after weeks of fighting with this, i have noted that if you dont show the 'recent projects' panel at startup (there is a 'dont show' checkbox on the panel), but instead navigate via
File->open recent->theProjectInQuestion
the memory leak (pipeline actually) does not happen.