If you are still encountering a 404 error, you might want to check the IIS log and identify the resource that is being accessed that incurs the 404 error. A 404 error is an indication that your browser was able to communicate to the server but either the server could not find what was requested or it was configured not to fulfill the request. These links should provide further information.
http://en.wikipedia.org/wiki/404_error
http://www.w3.org/Protocols/rfc2616/rfc2616-sec10.html
Are you encountering a 404 on favicon.ico? Please have a look at this link
http://www.traffic-test-tube.com/search-engine-articles/favicon.shtml