Now to create the bundle to give to people and install in iTunes.
Get your .app file that was created. Be sure you have all debugging turned off and not spitting out any junk you used for testing, etc. I also changed the version number of the application in the .plist file for the app and on the info screen so people would know it's beta and not get confused or something later.
For people to install the application they need two files. For a Mac, they just need the .app file and the .mobileprovision file. That said, I'm creating the Windows version for everyone for two reasons. I only have to distribute one package, and two I can put the icon in iTunes with the Windows method and I can't figure out how to do that with the Mac method. So, here is the Windows Method. There are lots of version of this on the web and this is what works for me.
Create a directory for your distribution, we'll call it myApp
Create a folder in that folder called myApp/Payload
Put a copy of myApp.app in Payload
Put a copy of the file you want displayed in Itunes in the myApp folder
This file should be called iTunesArtwork, no extension (I used a PNG, the same one as my apps icon)
Create a .ipa file using the following: zip -r myAppBeta.ipa Payload
Add the artwork to the .ipa file: zip -r myAppBeta.ipa iTunesArtwork
You're done. Now send everyone in the beta test the myAppBeta.ipa file, and the myApp.mobileprovision file. All they need to do is drag both files into iTunes and sync their phone. You probably should try it first before sending it out. :)