Hi!
I had the same issue 5 minutes ago.
For my blog page I excluded a category and I think this somehow didn’t work properly with the multiple pages and the custom url-formatting.
The solution in my case was to slightly adapt the post query. I added the query_string tag and now it works out fine:
changed:
<?php if (is_home()) { query_posts(cat=-4");} ?>
into:
<?php if (is_home()) { query_posts($query_string . "&cat=-4");} ?>
Hope that my help you.
flo