I ported some old code over to Objective-C ARC (Automatic Reference Counting) and it seems to work great. Except a rather large, high-level object is not being deallocated
The best way is usually to use the Leaks instrument in the Instruments app.
The What's New In Instruments video from WWDC 2011 discusses using Instruments to find retain cycles under ARC, starting about 38 minutes in.