I have saved some screenshots in the iPhone Simulator running iOS 5, but I can\'t find them.
I had this problem before, and it took me frickin\' ages to find them i
It looks like the most recent Xcode (I'm using v4.2.1) does have a bug saving screen shots from the iOS simulator. Even after press File > Save Screen Shot, I can't find any image files on the Desktop. Recently, I noticed this awesome software iOS-Simulator Cropper. It allows you to capture images from the simulator with different settings.