The actual problem is that the specification of the icon files in Info.plist has changed from iOS 5. Note that Info.plist says "Icon Files (iOS 5)." If you specify the build target before 5.0, you will receive the error messages mentioned, since the indication of the icon files differs to 5.0! You can either change the build target to 5.0, or add icon specifications for older iOS. (This actually happened by adding an array of CFBundleIconFiles to Info.plist)
So, the problem is not in Xcode 3.2 compared to Xcode 4.2, but in the iOS version that you are targeting with your application.
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