Building an iPhone project results in:
Failed to launch simulated application: SpringBoard failed to launch application with error: 7
When a home directory mounted in NFS you have the problem with the simulator.
To get rid of it, you need to to create a couple of directories in some local place where you have permissions to write, "iPhone Simulator" and "Interface builder". Then remove "~/Library/Application Support/iPhone Simulator" and "~/Library/Application Support/Interface Builder 3.0". And finally create symlinks at the exact places of the removed directories pointing to the local directories.