Sorry to follow up my own post. I've got some new information.
The 404 was being generated by what appears to be a bug in WP3.4 that arises when permalinks are changed from their default value in Settings --> Permalinks.
So I've done several things. Firstly I've completely removed WP and its database tables and reinstalled it. Having done that, I've left it in the default state with the default permalink settings. Then I've reinstalled Slideshow from scratch, and recreated the media library with my seven images.
Next I create a Slideshow. Even though it's a completely virgin install (including deleting and recreating all the database tables), for some reason the id is now given as 11. The permalink for the slideshow is showing as http://localhost/wordpress/?slideshow-book-test
If I try to view the slideshow from the slideshow admin page (after updating the page) I get the WP error page:
This is somewhat embarrassing, isn’t it?
It seems we can’t find what you’re looking for. Perhaps searching, or one of the links below, can help.
The URL it's trying to display is:
Entering the shortcode [slideshow_deploy id=11] in the sample page has no effect at all on the output of the page.