I read on the internet that iOS 4.3 with armv7 is the lowest you can go if you want to support iPhone 5. So, if I want my app to run on iPhone 5, then do I need to set the deployment target as iOS 4.3 and set the architecture as armv7?
I couldn't find an official documentation for this. Could you correct this information if it's wrong?
UPDATE: I've found the answer in the Xcode 4.5 GM seed Release Notes documentation of Apple:
Changes in Xcode 4.5:
- Support removed for armv6 Xcode 4.5 and later does not support generating armv6 binaries.
- Minimum supported deployment target is iOS 4.3 The minimum supported deployment target with Xcode 4.5 or later is iOS 4.3
There doesn't seem to be any official statement on this, but it's pretty clear if you take a look at Xcode 4.5. It's also a logical step forward as last armv6 device (iPhone 3G) has been out of sale for over two years and without software updates for almost two years as well.
Note: as of posting this answer, an unofficial way to support both armv6 and armv7s has been found here: How to support both armv6 and armv7s for release build in xcode 4.5
This is only half the truth; the other half is you can actually do combine an iOS 4.0/armv6 build into your iOS6/armv7(s) build.
This process is described here: How to support both armv6 and armv7s for release build in xcode 4.5