If you upgrade to the latest OS version for the iPhone you will run into the error “No provisioned iphone device is connected” while trying to test your app on the device. There is an easy fix for this. Just open the terminal and create the symbolic link by using the command below.
ln -s /Developer/Platforms/iPhoneOS.platform/DeviceSupport/3.0\ \(7A341\) /Developer/Platforms/iPhoneOS.platform/DeviceSupport/3.0.1
Happy coding!