Once the application has been loaded into Xcode, you need to build all targets. You will get build errors related to entering the network key; once you enter the required network key and removed the error line, you should be good to go. When testing the package on Lion prior to this latest release, this was the only build error we saw.
Once you have build all targets, you can then select to run either the demo_lib (which uses the static library), or the demo_dylib (which uses the dynamic library). Both demos do the same thing: connect to a USB stick and setup an ANT channel.
We used to provide a makefile when the libraries were much simpler, but once we moved to using IOKit for the USB access, we have not been able to generate a working makefile that handles these dependencies correctly.