The app works fine in the simulator, builds and runs.
When I attach my device (iPhone 3GS running iOS 4.3) and target the iPhone, the result is \"Build failed\" with
Same thing just happened to me with a different cause.
I removed get-task-allow from my Entitlements.plist file, leaving an empty plist. Build settings still had Entitlements.plist file specified as my Entitlements file. Chose to run using my Ad-Hoc build settings on iOS device with my iPhone connected, and saw the behavior described in this bug. Adding get-task-allow back fixed it.