Note: this approach is waaaaayyyy simpler: https://stackoverflow.com/a/6712191/84783, but if you wanna get up to your elbows with project files, try my steps below.
I think they keep these around for current installations to do model migrations. Sadly I think you have some manual project file hacking.
- Make sure you have the model you want set as the current model
- Close Xcode
- Right click on "Model.xcdatamodeld" in Finder
- Choose Show Package Contents
- Delete the models you no longer want
- Right click on "MyProject.xcodeproj"
- Choose Show Package Contents
- Open project.pbxproj in a text editor
- Search for ".xcdatamodel" and delete entries (Model.xcdatamodel and "Model X.xcdatamodel") no longer in use
- Careful not to delete ".xcdatamodeld" files
Hope this helps, Rob