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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I got this problem when I added the .plist to my target (Info.plist -> Get Info -> Targets -> Target Memberships). It went away when I unchecked it again.
I see that that's separate from the Targets -> -> Get Info -> Build -> Packaging -> "Info.plist file" -> my.plist that trips mentioned, but I still don't really understand what's going on, and definitely don't understand why we get such an unhelpful error message.