I had the exact same thing happen on a fresh 5.4.4 install. Furthermore, after I refreshed the Home page, the only content that shows is the word "Sponsors", The rest of the content area is blank. I tried closing the browser, clearing the cache, iisreset... nothing.
The site was working initially and I didn't change anything after the install. However, I did start a new module project in VS2010 using this site and that's when I noticed this behaviour. I didn't do anything with the project, just generated from the template and ran it. I used this
blog post as a guide. After reading the comments at the bottom of that page, I noticed a reference to this problem. Part of the setup process required creating a virtual directory for the new module. The virtual Directory structure started with DesktopModules, which blocked the actual physical folder by the same name. Once I deleted the virtual folder in IIS, the physical DesktopModules re-appeared and now the site is functioning properly again.
BTW, I also had to delete the web.config file that was generated in the new module project. So those are two gotchas when developing modules in VS2010.