I've updated yesterday to the newest SDK on the build box and the Visual Studio box (2 different machines)
When I build to a simulator the process is fine.
When I try to now build to Debug on a real device, the mtbserver jumps to 100% CPU and stays there for ever. The build icon in VS stays running.
The Mac Server Log's last line is:
/Applications/Xcode.app/Contents/Developer/Platforms/iPhoneOS.platform/Developer/usr/bin/gcc -arch armv7 -std=c99 -I/Developer/MonoTouch/SDKs/MonoTouch.iphoneos.sdk/usr/include
Not sure if this is a bug as before I updated the process was working correctly.
I have rebooted both boxes and cleaned the build.
I am targeting iOS 6.1