Building an iPhone project results in:
Failed to launch simulated application: SpringBoard failed to launch application with error: 7
I have had this problem frequently, and generally just quitting and restarting Xcode works.
However, I just had this problem again and nothing seemed to fix it - quitting the sim, Xcode, rebooting… What was strange was some targets worked (I have multiplied build targets for this project), and other projects worked. But one target failed to launch no matter what I did.
In the end, I found the problem: In the target's properties the executable name $[EXECUTABLE_NAME] got accidentally deleted ! Replace it, and it works.
Worth remembering…