Google released an update (r22.0.5) to their Android developer tooling. This update has introduced a bug whereby apps hang on the splash screen when deployed to emulator or device. Unless you explicitly need to upgrade we recommend you hold off updating until Titanium SDK 3.1.2 is released.
How to track resolution of this issue?
See TIMOB-14769. Watch this issue for when a fix is checked into nightly builds. The fix is scheduled for Titanium SDK 3.1.2 to be released in mid-August.
How do I fix this problem?
You can download the previous version of the tools: