I've just installed FB 4.7 (OS X 10.7.5) and followed "Update the AIR SDK" instructions (ignoring step 2) and installed AIR 126.96.36.1990 SDK.
I then create my run configuration (targeting Apple iOS) with the "Install the application on the device over USB" checked I get:-
Device deployment requires AIR SDK 3.4 or above
How do I fix this?
NOTE: there is a "Learn more" link (http://http://www.adobe.com/go/fb_ios_launch_sdkhelp) on the config panel but it's broken
It appears you have to also update the Flex SDK with the AIR skd updates to get this to work.