When I created my blog a couple of months ago I wanted a static front page to stop key events/posts being lost among all the other stuff that gets written on the blog. (You'll see what I mean if you take a look at my blog)
The downside to this was the theme I chose already had a 'Home' tab as default, so, like many others have found, I ended up with two tabs both linking to the same page. Annoying, but I put up with it.
[removed on request of the author. use the EDIT solution]
I'll be letting WordPress know so hopefully they can update the FAQ page.
EDIT!!! Took me ages to find a solution, then I stumble across two within minutes! I have just found a second solution...
An alternative method is to again, edit the page, but change the 'Page Parent' to another page in the blog. It has the same effect :)