My case is simple, a workspace with two sibling projects: one main (iOS) app and a project that builds several static library targets used by the app.
Here\'s how I
I described the way I've been setting up multiple projets in a workspace here: http://blog.carbonfive.com/2011/04/04/using-open-source-static-libraries-in-xcode-4/
I agree that manually adjusting the build target order in the scheme should be unnecessary, based on Xcode's documentation, but that's the best solution I've found so far.
Edit: Whenever possible I recommend using https://github.com/CocoaPods/CocoaPods to manage project dependencies at this point.