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If I pick the 4.5.0 JDE with the 8130 simulator, I can navigate to the HelloWorld icon, click it, the app runs, I can hit breakpoints, etc.
I then switch to the 4.7.0 JDE, erase the simulator files (Blackberry | Erase Simulator File | Erase All), and change the simulator from Default to 9500 in Debug Configurations
When I run the simulator, I get the series of messages in the Eclipse Console window as the simulator comes up. If I then click on BB button to get more icons, then click on on "Applications" button, I don't see any HelloWorld icon, and I don't see any up/down arrows that indicate there are more icons. Am I missing something obvious? Here's what I see: