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I know this thread is old -- when I tried building the text editor sample, I had no problems. Here's what I did...

I opened the XCode workspace:

Workspaces/TextEditor.xcworkspace

with XCode 4.4.1. and selected the "iPad 5.1 Simulator" in the target device popup menu, and hit command-R and it runs in the simulator without a hitch or a glitch.