Error Starting Executable No provisioned iPhone OS device is connected

Well, here we are again.  Everything looks good but nothing acts right.  We just plugged the iPhone or iPod into the USB port and press "Build and Debug", expecting to test the latest changes of our app on a device.  However the effort comes to a screeching halt with a notice from XCode stating:

Error Starting Executable
No provisioned iPhone OS device is connected

What am I missing?

Step A. Plug USB cable into iPhone
Number 2. Plug USB cable into XCode
And Third. Press "Build and Debug"

OOps, I forgot to wave the magic iWand and recite the iTunes license agreement....backwards. 

Speaking of iTunes, I just finished the "Download and Upgrade" process to the latest iOS.  Let's think about this.  If I upgrade my device to the latest iOS, that usually means XCode needs an upgrade.  Since the version of XCode installed on my computer is now somewhat out of date, it does not recognize the fancy new iOS projecting through the USB port.  The same may be true for you.  Take the time and 3.5 gigs to make sure the version of XCode installed on your machine supports the iOS version installed on your device.

Not to mention the error specifically states "No provisioned iPhone OS device is connected".  Let's break it down and debug:

No provisioned - tells us to check the provision file for our device id and ensure this file is selected for the app build
iPhone OS - tells us to check if the operating system version is supported by XCode
device is connected - tells us to plug it in

That is all I can suggest.  Remember, if all else fails, restart the system.....if that does not work, hit it with a hammer.