I don't know if it's because I'm using a Mighty Mouse or what, but I keep accidently turning on Slow Motion when using the iPhone simulator. How the heck do I turn it off?
I'm not totally sure, but I notice toggeling 'demo mode' in the menu sometimes does the trick, and sometimes does not. I'm also not totally sure if there actually is a slow motion feature, or if that is a bug in the simulator.
Pre beta 5 it was tripple shift. Apple changed (or broke it) see this question (which doesn't have an answer).
You can download "slowmo" from http://mschrag.github.com/ to re-enable the slow motion feature, allowing you to toggle between modes.
I tested it on the iPhone Simulator 3.1 (139.1) and it still works.
Run the slowmo.sh script in the download, then press shift 3 times in quick succession.
I just installed "slowmo", as mentioned above, and it works on the 3.2 simulator. It took me a while to figure out how to enable it. You have to check "simulate hardware keyboard" in the simulator's hardware menu, and then press your Mac's shift key 3 times in rapid succession to toggle it on/off.