Building an iPhone project results in:
Failed to launch simulated application: SpringBoard failed to launch application with error: 7
I initially solved this by restarting the iPhone Simulator. But this shouldn't be the answer. The error came from editing the info plist.
Check that you didn't change any values that were set before provisioning your app for your device. I wanted to change my Bundle Identifier, but had to go back to the default one after having this error. Now it's fixed. Next step will be to get a new provision Id with the Bundle Id changed.