Perhaps this is an effect of installing the new 4.5 beta, but my simulator won’t save screenshots (at least not to the desktop). Is there any setting that tells the simulator where to save? I tried 5.0 and 5.1 in Xcode 4.3 and the menu blinks like it is doing something but no picture comes out. Also nothing comes up in Spotlight.
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I’m running 4.5 aswell, and ⌘ + S just saves the screenshot to the desktop.
Did you try the “Copy Screen” option? You can then paste the image in any photo editing software.
EDIT: still works the same in 4.3 aswell