If you need to change the name of the Applicationapplication as it appears on the iPhone's home screen, you need to do it in the TargetTarget configuration, not the project configuration.
Expand the TargetsTargets group in Xcode, and then single-click the item under that. It should share the name of your project, which is also the default name of the application that gets generated.
Press command-ICommand + I to bring up the InfoInfo window, and then navigate to the Build tag.
Set the ConfigurationConfiguration drop-down to read All ConfigurationsAll Configurations.
Look for a setting called Product NameProduct Name under the PackagingPackaging heading.
Change that value to the name you want for your compiled applications and, in the immortal words of Bugs BunnyBugs Bunny: ViolaVoilà! Do a clean then build and youra build. Your application will take on the new name.