I had a similar issue when trying to debug an App with Ad-Hoc provisioning...
Check which provisioning you're using, it seems ad-hoc provisioning cannot be used for debugging.
EDIT In fact, it seems only development provisioning profiles are Ok for debugging
I also had same problem. I deleted old provisioning & distribution profiles from the testing devices and installed the modified profiles. The date of these provisioning profiles matter.
The error timedout got solved.
It is issue of Provisioning profile. I was using Distribution Provisioning Profile. Changed back to Development Provisioning profile from Developer portal and used that, Solved the issue.
Close Organizer and in the project file under your target select "Build Settings" -> "Code Signing Identity" pick the profile "iOS Team Provisioning Profile"
Old question but adding my solution for rare cases like mine. Removing app from device/ clean-build/ provisioning changes did not work for me. I restarted the Xcode and it started working fine.
In my case the cause turned out to be the launch daemon being unable to load the app icons and crashing. Even though it didn't look like a crash - the device and the OS were becoming very slow or totally unresponsive. I figured this by analysing the crash logs. (My icons were too large - about 2,500x2,500 - I simply forgot to reduce their sizes properly before adding them to resources). Hope this helps someone.