Creating iOS Framework with Xcode4

I have been searching for a way to create a static library for a while. I figured out how to do so but then had the issue of creating a static library that was only one file and worked with both iOS devices (arm6 and arm7 architecutres) and the iOS Simulator (i386 architecture). I finally got that to work but then ran into another problem. I was using the MapKit library which is unavailable in the i386 version. I could not figure out a way to make all of these work together. Finally, I figured out how to create a framework instead of a library. There are rumors that Apple does not approve apps with custom frameworks but that is not true. I have deployed an app to the app store, that was approved, with a custom framework. With that being said, let's get into how to build our own custom framework that will be re-usable, can use any other framework, and will work with both iOS devices and the iOS Simulator.