I've upgraded to Mountain Lion und also upgrade to the latest Version of XCode (V 4.4).
I use the iOS Simulator mainly for Webdevelopment and not for iOS Development therefore I'm not that into this matter.
When I launch the iOS Simulator it takes quite a while to load and the "beachball" is rotating. After 30sec or so the beachball is gone and the simulated iPhone is kinda ready - however, it doesn't show any OS. It's just a black screen!
If I see the iOS Version under
Hardware - Version there is only one available option
4.3.2 (8H7) which is checked.
Moreover when I launch the iOS Simulator and the "beachball" appears my fans go crazy and the computer gets really hot.
Any ideas on that?