Entitlement 'keychain-access-groups' has value not permitted by a provisioning profile

You build and install application you are developing and fail with a flash without any obvious error note. Using iPhone Configuration Utility you're device's Console contain something like this:

Fri Jul 2 10:26:23 jouni-iDevice installd[6313] : entitlement 'keychain-access-groups' has value not permitted by a provisioning profile
Fri Jul 2 10:26:23 jouni-iDevice installd[6313] : entitlement 'application-identifier' has value not permitted by a provisioning profile

The reason is that you have previously installed your application from App Store and overwriting app binary with a developer version is not enough.

Quick fix is to delete the application from device, then build and install again.