/usr/bin/codesign failed with exit code 1

Update:
The Technical Note in my original answer is now deprecated. Apple posted a collection of code signing problems (and some solutions) in a new document: Technical Note TN2407 Code Signing Troubleshooting Index

Check the CODE_SIGN_IDENTITY property in your build settings. Is your provisioning profile selected there?
You also need to enter a valid bundle identifier in your apps .plist.
The identifier has to match the one you provided when generating the profile.
Apple has a technote about that here.

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