Cannot get ITGB to work

I beginning to think I just threw $500 away. I followed the tutorials, searched and read the forums. No matter what I try, when trying to run on the iPhone simulator I either get the dreaded initializeProject missing and/or a white screen. My commonConfig.xml looks like...

<?xml version="1.0" encoding="utf-8" standalone="yes" ?>
<TorqueGameConfiguration>
<Company>Independent</Company>
<GameName>UntitledGame</GameName>
<Resolution>480 320 32</Resolution>
<FullScreen>false</FullScreen>
<CommonVer>114</CommonVer>
<ConsoleKey>tilde</ConsoleKey>
<ScreenShotKey>ctrl p</ScreenShotKey>
<FullscreenKey>alt enter</FullscreenKey>
<UsesNetwork>0</UsesNetwork>
<UsesAudio>1</UsesAudio>
<DefaultScene>~/data/levels/level1.t2d</DefaultScene>
<StatusBarType>BlackTranslucent</StatusBarType>
<StatusBarHidden>true</StatusBarHidden>
<ScreenOrientation>Landscape</ScreenOrientation>
<ScreenUpsideDown>false</ScreenUpsideDown>
<ScreenAutoRotate>true</ScreenAutoRotate>
</TorqueGameConfiguration>

I have developed several native iPhone apps and know my way around xcode, but this is driving me crazy. I followed the tutorial to the letter and am ready to call GarageGames and demand my $500 back. Please tell me I am just doing something wrong and end my misery.