I do not seem to be able to get it to work properly for the iPhone Simulator.I get the error:
Gcc-4.2: error trying to exec '/Developer/Platforms/iPhoneSimulator.platform/Developer/usr/bin/arm-apple-darwin10-gcc-4.2.1': execvp: No such file or directory
The iPhoneSimulator.platform/use is a symbolic link to /Developer/usr which does not have that gcc