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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Thanks ...Did have the same problem or worse. My app wasn't loading in the simulator, alternatively sometimes the build failed. Now realized it's pretty logical.
When you create a new project and info.plist get associated with the project. Each time you add a modify/add the target another plist is generated with the new name.
But the original association with the info.plist is still around and there's a conflict. So remove that association from the current target or better still remove from project and trash the info.plist. Just make sure in the target settings(do getInfo) the correct info.plist is mentioned.
Note the name for product/target should not have spaces. If you really want it change the bundle display name.
Now the only reason why xcode should be closed is to ensure the project file has registered all changes.