Before wasting too much time messing with cables and blaming USB ports (like I did), check on Apple’s Software Update if the iPhone SDK Compatibility Update 1.0 is there for you to install.
The solution to your problem is just a handful of kilobytes and one restart away :)
Here is the relevant post on Apple’s support website:
Mac OS X v10.6: iPhone or iPod touch not recognized if iPhone SDK was installed in Mac OS X v10.5


Dear Sir,
I have this exact Problem.
I’m running Snow Leopard 10.6.6 with the IOS SDK 4.0.1
Apple tells me to upgrade to the latest IOS 4.2.
Since I only have a 56K Line, this would take forever to do.
Do you know of anywhere that I could get this little 6K fix for my System?
When running Software Update, I never get this fix to show up.
Any help would be greatly appreciated.
Yours truly,
You may try by downloading and reinstalling the latest version of iTunes, but AFAIK right now Apple will only accept submission if built with the latest final SDK (not betas) so you’ll have to upgrade sooner or later anyway. HTH, Mauro.
Hello Mauro – your post ended about 2 hours of reboots, blaming USB ports and messing with cables ;) Thanks for finding the answer for me!