This is a new iPhone project, only 1 target (different from this question)
On build we get:
Failed to launch simulated application: Unknown error.
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If other projects work fine; start a new one and copy the files. Combing through configs just won't do it (since XCode has, well, thousands of config possibilities).
You can send me a check with the $200.
P.S: When you actually do start a new project, do it step by step. Run it after each change. Maybe you will find your problem. It might be a ton of work, but it might also help the other thousands of lost souls who have an 'Unkown Error'.