In Xcode 4 is it possible to somehow setup so that with one click of the \'Run\' button in the top left have Xcode build to more than one device with one click?
Add a new target to your project: File -> New -> New Target... From Other category choose Aggregate. Then build that target which aggregates all other targets you're interested in.
P.S. Universal App is an app which is built from one target. Two targets are two apps.