In Xcode 4.5, look at Preferences-> Locations.
This shows where your Derived Data location actually lives on the File System.
Click the arrow next to the Derived Data path to show the path in the Finder.
I recently upgraded from Xcode 4.3.3 and found that the build location was automatically changed to Custom, so my (debug) build products are now located:
~ / Library / Developer / Xcode / DerivedData / Add / Products / Debug
I assume that Apple made this change to simplify the location of assembly products in one place. In Xode 4.3.3, for example, build products were placed under:
~ / Library / Developer / Xcode / DerivedData / XXX
where XXX is a randomly created folder based on your Xcode project name.
I also found it helpful to include hidden folders that will be displayed in Finder so that you can actually view the contents of the Library folder. I used the free Onyx tool to enable the display of hidden folders.
Hope this helps.
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