It is an interesting problem indeed. It will run fine with the 3.0 and 3.1 Simulator, but when I switch it to the 2.2.1 and 2.2 the App crashes right after the Cocos Logo Screen.
It throws that it cannot load the AVFoundation.framework properly, and says it is due to missing image.
Actual Error Message:
dyld: Library not loaded: /System/Library/Frameworks/AVFoundation.framework/Versions/A/AVFoundation
Referenced from: /Library/Application Support/iPhone Simulator/User/Applications/CFE82F16-E2EE-4E8B-8154-F69D9741FCC
Reason: image not found