OK, this may seem like the clueless n00b question of the century ... but in Project Builder or xCode it seems to be a misery to debug any code for "simple tools" (aka ordinary stdio applications) ...
Made the "jump" from 10.4.11 to 10.7.3 last night. First order of business was getting the Developer Tools on, so I could re-compile the CLI tools. Turns out Xcode 4.3 was just released a few days ago ...