I have been having this weird problem with Xcode 4.3.2, of course after the recent update.
After successfully building and running on the simulator several times, xc
I have found by chance, it is not a solution by any means -
When xcode hangs, saying it is running the app, but nothing is on simulator, opening the simulator from the dock by clicking on the dock icon (not using command+tab) seems to work.
It is very weird,but it works; atelast till xcode fixes it.