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Here's something to try if none of the previous suggestions work (although use at your own risk!)...
Locate your ....pbxproj file and make a copy, just in case anything messes up.
Open the ....pbxproj for editing, search for productRefGroup and delete that line.
Save the edit and re-open Xcode.
Products directory shows back up!
Summary: I'm not sure if productRefGroup is really necessary! Everything seems to build fine without it.