Attention everyone! I had the same issue but I resolved it using 2 steps. I don't know why this worked, but its what helped me:
1. The name of my certificate versus the name of my key were slightly different (i used nickname for my key). I changed the key (both private and public) to the same name as on my certificate. For example if your certificate is Jonnathan Lastname, make sure your key is Jonnathan Lastname Dev Key (***don't use Jon Lastname Dev Key***)
2. I downloaded the latest version of the iPhone SDK. Quit Xcode, and installed it. After it has been installed, I opened Xcode, went to organizer and pluged in my itouch. It Worked!
This helped me solve the "A signing identity matching this profile could not be found in your keychain" problem. If you haven't done this yet, try it.
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