Recently, I switched to Xcode4 and when I compile my project I got following error.
ld: warning: ignoring file /Users/myname/Library/Developer/Xcode/DerivedD
This worked for me :
Click on the offending framework's 'Project' file (xcodeproj).
Go to the "Info" tab for the framework's 'Project' (not 'Target').
Expand 'Configurations' and make sure that both 'Debug' and 'Release' have 2 configurations set--one for the framework's 'Project' and another for the framework's 'Target'. In the case of frameworks the 'Target' compiles to a Library and not an application, so it's easy to get confused.
'Debug' should have the Project set to 'Debug' and the Library set to 'Shared'
'Release' should have the Project set to 'Release' and the Library set to 'Shared'
Compile, run, and enjoy.
If you ended up mangling your entire project trying to figure this out, then you might want to double-check your Application's Project build phases (as Gon suggested). The Library should be there highlighted in red, even if it doesn't exist on your drive. If not, as long as it's set to 'Shared' you should be able to add it back again.
If you really really really mangled your project, then you may be forced to blow out your DerivedData folder, as russes suggested. Also, check the 'Organizer', since Xcode has a way of saving crap all over the place.
Oh, and you checked to make sure that 'armv6' is there right? :)