A very interesting yet very undocumented functionality of Xcode is that you can have sub-projects in your project tree. You can add an xcodeproj to your project and link to this project’s output.
This is exceptionally useful if you are developing some functionality in a contained project and now want to access this polished functionality from another project. Like for example you want to add to your app the capability of accepting HTML code copied from Safari and use my DTWebArchive classes for that. You could either copy all classes to your project, build two libraries (one for Simulator and one for Device, or lipo these two together), or build a static universal framework.
Or there is an option number 4 which I want to tell you about in this post. This option does neither copy source code nor does it involve building something upfront.