I thought I came across a menu item or a right-click command akin to "Open app bundle location in Finder" but I can't find it. Maybe it was a secret wish in during dream. Maybe not. Does this exist?
EDIT: I know where these files live in the file system. I've added the iPhone Simulator folder to the dock in order to make it easy to get there. I'm doing a lot of work where I have to verify that the app bundle got updated as necessary. As I said, I thought I had seen a right-click menu that could get you there faster.