clang: error: no such file or directory: \'/Users/admin/Library/Developer/Xcode/DerivedData/__TESTING__-fzbkvdbnndieeagphtjhdndiyttl/Build/Products/Debug-iphoneos/li
You gotta run the update script, I know it might be a pain in the butt to do it, but that's what it takes.
Download and open the Phonegap 2.1 package from the official site. Open a terminal window, and cd to the installation directory
You'll need to first create a new project:
./create [project_folder_path] [package_name] [project_name]
Then you need to set the path to your libraries.
/update_cordova_subproject [xcodeproj file]
Now open up your project and set the deployment target to 4.3 and you should be ready to go. Hope that helps
EDIT:
This is how my configuration looks like for CordovaLib Project