I\'ve begun developing my first iOS app with Xcode 4.2, and was targeting iOS 5.0 with a \"utility application\" template (the one that comes with a FlipsideViewController).
Thanks to Mike Ash's compatibility library PLWeakCompatibilty, you can now simply use __weak on iOS 4.x, as well.
It's incredibly easy to configure and requires no additional consideration or effort over 5.x.