I got this annoying error with Xcode 4.6.1: Could not launch app – No such file or directory Error.
Xcode was working for me for awhile without problem with my iPhone. A friend wanted me to install an app on his phone. And I got this error.
It turns out that the “Deployment Target” (=IOS 6.0) is higher than that on the phone IOS 5.1.1.
I hope it helps,