I was able to run the v1 Connect IQ simulator without any issues on my Mac, however, I cannot get the version included with 1.1.1 to run. Double-clicking ConnectIQ.app in the bin directory just gives the error "The application "ConnectIQ.app" can't be opened. If I run connectiq via command line I get an error -10010.
Normally if you are missing permissions you can ctrl-click an app and it will give you the option to allow permissions but I get the same error when I open it that way.