Hi All,
Here is what we have found - if you build on Windows in the iOS/Debug/iPhoneSimulator configuration, a working simulator version of your app should be found on the paired mac, at the following location:
/Users/YOURBUILDUSERNAME/Library/Caches/Xamarin/mtbs/builds/YOURAPPNAME.iOS/SOMEIDENITIFIER/bin/iPhoneSimulator/Debug/YOURAPPNAME.iOS.app
where the information in all caps will be replaced with the information specific to your situation.
It does appear that once you have this output, you can transport it to another mac and successfully run it in a simulator there.