The front page of your blog is the Home page. It is the page that all posts, not pages will appear on unless you chose to create 2 static pages – one for your front page and one for your blog posts to appear on and designate that change here > Settings > Reading http://en.support.wordpress.com/pages/front-page/
The reason you have a 404 (page not found) on your front page is because you deleted the Hello World placeholder post. As soon as you publish a post it will disappear.
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