Did you verify that? Because that is not working at my site.
In the site settings I can specify whatever page I want as home page, but no matter what I specify, the first page that is shown in the menu, is the page that becomes the home page (http://localhost/)

Hmmm. It's working properly at our production server, but at my development machine it is not. Both running dnn 7.0.4

Any ideas what might cause this difference? (except from a corrupt database).

I've tried different languages, because I've seen differences (mainly concerning the site logo, page icons and favicon) between users with different language preferences in their browser (even though it's a single language site), but that doesn't seem to be the problem here.

The difference again seems to have something to do with the languages of my (single-language) site. I've seen this problem with the site logo, favicon and page icon and I can now add the home page-setting to the list.

The setting seems to differ based on the browser language, and when a setting is not set, it seems to default to the setting of the other language or something. Some settings seem to be set for all languages, some for only the current language and others only for the other language. Weird.
Just setting the prefered languages in the browser (and clear the language cookie), or visit either http://dnndev.me/en-us/home.aspx or http://dnndev.me/nl-nl/home.aspx shows a site with different settings.

I've set the home page of the site -as a test- to a completely different page, and restored it to the home page. When you visit the page with an english preference, all is well, visit it with the dutch preference and still you get the wrong page. Switching to the other language does show the other setting and you can change it. What happened? It seems it set the other language's setting because it was still undefined, but didn't change it back because it was set to something?? That would be horrible if that were true.