I haven't tried downgrading to see if the new build introduced some problem (last I synced was with build 1237) but I'll do so if someone can confirm they have the same problem with 1240. If not, well, back luck for me then
Edit: Just rolled back to 1237 and the iPhone still isn't being recognized by MM
Looks like this must be related to something else as it was previously working fine. Now to figure out what that is...
[EDIT BY MODERATOR: This is related to the version of iTunes that was installed. Last version that doesn't exhibit this problem is 8.1.0.52 ]