I spent a lot of time finding right way of creating distribution binary on Xcode 4. There were a lot of confusing posts about Provisioning profile, code signing and validation. Thankfully, this step explains the steps required to add your app to the app store
The steps after you press "Archive"
are fairly straightforward. Apple creates the binary and gives you an option of validating your app You can submit it after it passes the validation stage.
The only other error during submission was the "acon@X2.png"
compression error. This Stack-overflow posts discusses the solution to that
. All you need to do is turn PNG compression off from TARGET -> Packaging -> Compress PNG file
menu in Xcode.