There is a known issue with the Apple simulator and the new macbook pros that causes the simulator to crash with openGL calls.
The suggested solution is to change the simulator version from 4.3 to 4.2.
When I try to compile my program with Corona and Xcode 4 installed, the Apple simulator always runs at version 4.3. It doesn't matter if I try to change the OS version from the simulator menu. It always compiles into 4.3.
How can I change the target device build for the simulator so I can test the app on the iOS sim without it crashing?