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
I had this problem with the Three20 library. The thing that finally did it for me was switching the Project Format from Xcode 3.1 to Xcode 3.2 - leaving 'build active arch only' as "no".