Can I use the new Xcode 4.2 to make apps for older version of the iOS? Will they work?
I like the new features like the Storyboard and Automatic Reference Counting.
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According to Wikipedia, yes you can:
"Xcode 4.0 drops support for many older systems, including all PowerPC development as well as SDKs for 10.4 and 10.5, and all iOS SDKs older than 4.3. The deployment target can still be set to produce binaries for those older platforms, however for Mac OS X applications only x86 and x86_64 binaries can be produced."