Premake uses gcc option "-F" for linking to frameworks. However, the same option can be used for compilation instead of -I, because every framework has headers inside. I think it would be reasonable to add the same set of "-F" options into CFLAGS/CXXFLAGS automatically, if linking with framework was requested.

Realized that Premake doesn't use -F at all
How do you get frameworks in OS X to also add their include directories to the project?
I've been browsing these forums, and it seems that the following is the correct way to add frameworks, however it doesn't seem to add them fully as I'm still unable to actually include/import the header files from the frameworks into my own code.
links { "Foundation.framework", "CoreData.framework", "AppKit.framework", "Cocoa.framework" }
Some further digging has shown that premake is trying to use a different framework to the one an Xcode generated project will use.
premake is using: /System/Library/Frameworks/Cocoa.framework
Xcode is using: /Developer/SDKs/MacOSX10.7.sdk/System/Library/Frameworks/Cocoa.framework
The only real difference between them is that premake uses an absolute path, whereas Xcode generated projects use a relative to SDK path. The actual path used is the same in both cases, you just get a different end result.
I don't know how to solve this, but it seems to be related to the search path issue mentioned in http://industriousone.com/topic/problems-mac-os-x-frameworks-xcode
Updated from Xcode 4.2 to 4.3 and let it run though and install all the developer files; now it's linking in those frameworks just fine :S