application executable is missing a required architecture armv6
In the Xcode 4.2 GM this is still a problem but you can resolve it by doing the following.
Switch to the files/folders view in xcode project
Select your Project ( the blue icon)
Select your Application under Targets in the middle of the screen.
Go To build settings
Find Architectures > Distribution
Expand this section so you can see both Debug and Release
Change "Standard (armv7) - $(ARCH_STANDARD_32_BIT)" to "Other..."
Replace, "Standard (armv7) - $(ARCH_STANDARD_32_BIT)" with "armv6", then add a new item "armv7"
Remember you may need to do this for all included projects aka frameworks such as TAPKU
For Xcode 4.5, set the deployment target to at least iOS 4.3 and that will resolve it. armv6 and earlier versions of iOS are almost extinct.
Easy way to do it:
1) Left-click project icon (blue icon, under "Run" button).
2) Next to the project icon (to the right of it), left-click on project name under "PROJECT" (White background).
3) Select tab "Build Settings" and look for submenu "Architectures" (First one). Left-click on "Standard (armv7) $(ARCH_STANDARD_32_BIT)" and select "Other..."
4) Click on the "-" icon to remove original value ("$(ARCH_STANDARD_32_BIT)"). Click the "+" icon and write "armv6" (without double-quotes). Click the "+" icon again and add "armv7" (also without double-quotes). Click "Done".
5) Make sure that "Build Active Architecture Only" is set to "No" (it should be)
6) Next to the project icon (to the right of it), left-click on project name under "TARGETS" and repeat steps 3, 4 and 5.
7) Press cmd + I on your keyboard (or Product -> Profile on Xcode menu) and check to see if everything is ok.