On Xcode 4.2, I am trying to run my app on my iTouch (jailbroken on 4.2). The build succeeds however it ends automatically right after it succeeds without ever showing up on my device. I have already wen threw the prerequisites to run apps on my idevice without a dev account.
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Devices left behind at 4.2.1 (armv6) are no longer supported in Xcode templates by default. There are a few hoops to jump through. This answer from MattyG sums it up nicely.