I found a way to mimic the old behaviour….
The default static Front Page doesn’t work, like you all experienced.
instaed, go to Appearance-> Chameleon, and under Theme Layout, turn on the Home Page: Widgetize the Home Page.
Then go to Appearance -> Widgets. You will have few new areas for widget, called Home Top, Home Left and Home Right.
If you just want to have a static page with lets say some introduction, use the Home Top, insert a Text widget into it, and write your text.
Note: This will show up as a blog post style. If you wish it to show as a page style, don’t put text in the title of the Text widget. Also, use HTML with styles for your text.
Hope this helps