XCode 4.5 (4G182) + iPhone 5 iOS6 - Choose a destination with a supported architecture in order to run on this device

Question

So I have a brand new app I created last night for iOS6, using XCode 4.5. I can properly develop on my iPhone 4 with iOS6.

Today I got my new iPhone 5 with iOS6 and,

Answer 1

I had an issue with an out of data library that was built for iOS 4.x and I was building a new app for iOS 6 with iPhone 5 support. I received this error and the only way I resolved it was to make armv7 the only architecture and valid architecture listed in my project and target build settings.