So there seems to be a little bug in the latest release of XCode 4, the GM build. If you attempt to archive a build that is linked to a static library, you will run into issues. So the symptom is if you create a build and archive it, when you attempt to "share" it, you won't be give the option to create a .ipa file, instead it will create a .xcarchive file. So the solution I stumbled across on the devforums was this:
1) Select my project in the file listing on the left.
2) Select my static library in the Targets section of the pane just to the right.
3) Find "Skip Install" in the Deployment section of the build settings, and change it from No to Yes