Before doing any type of iOS 5.0 development using Xcode 4.2, Xcode has provided a \"MainWindow.xib\" in templates. After downloading and playing with Xcode 4.2 with iOS 5.
I think the reason why it's now absent is that creating a window programmatically is much more efficient than opening a xib file and unarchiving the objects. Generally, if you can do it in one line of code, you should do that in code.
Read Matthew Gillingham's answer for instructions on how to manually change an old project to work without the MainWindow.xib.