When I enable the Presentation page, I regularly get a ‘Page Not Found’ on the homepage, in all browsers that I use for testing (MSIE, Chrome, Firefox).
Refreshing the page or clearing the browser cache does not help, disabling/re-enabling the Presentation page does.
Try disabling all plugins and see if it works then. Also, make sure that under WordPress >> Settings >> Reading you have “Front page displays” set to “Your latest posts”.