I recently updated to Xcode 4.2. I also updated my new iPad 2 and iPod (latest generation) to iOS 5. I build my app and can debug them no problem.
My older iPod runn
I had the same problem, but I solved it. The cause unsuported architecture (by default Xcode4.2 uses standard arch= armv7 ) -> add armv6
In addition to adding the armv6 architecture, I had to remove the armv7 entry from my apps info.plist "Required Device Capabilities" entry.