Quick troubleshooting tip
Scenario: You have the iTunes beta install and are testing iOS 5, so you think "Hey let's try this WiFi sync out". Seems to work okay, cool. Except now your Xcode 4.0.2 goes bullsh!t and freezes up every three minutes!
Solution: Disable WiFi sync on ALL iOS 5 devices. :-(
Detail: With Xcode 4.0.2 all of a sudden my iOS 5 iPhone 4 would show up in organizer. Erm, yeah that's never good, it doesn't know what to do with a WiFi connection!
"Goodbye beach ball"