In the active target, under build settings, there is a blurb that says "When building for installation (using 'pbxbuild install -target Target_name' in a Terminal window), the settings below will be used." I have found that if in this tab I deselect the generate debugging symbols checkbox and change optimization to "More optimized, less debuggable", then clean and use the above terminal command, the file size (on one of my applications) drops from around 1MB to about 300K. The above may work when using the Project builder build buttons as well, I don't recall if I tried it or not.