I've just installed Snow Leopard 10.6.1 + XCode 3.2. Due to a change of "xcodebuild -project ..."'s output behaviour from Xcode 3.1 to Xcode 3.2 the Xcode bundle's commands "Build" and "Build & Run" always terminate with "Build Failed".
The reason for that is a single '\n' after "** BUILD SUCCEEDED **" in Xcode 3.2.
To fix that and to be compatible with Xcode 3.1 I suggest to change line 122 in parse_build.rb (Xcode.tmbundle/Support/bin):
old: last_line = line
new: last_line = line if line.chomp.length > 0
In other words remember the last_line only if it is not an empty line.
In the hope this fixes the issue,