Hi, I am also having problems with a newly installed Multisite. I am hosted by Hostmonster and having done all due diligence with installing the network on a new WordPress blog find that when I created a new site in the network, the links either return a 404 error or a Hostmonster place holder.
With the help of Adam Warner who provided a couple WordPress forum threads, there could be a solution to this problem. Here is the thread, but read below the link before continuing to the thread.
It seems with Hostmonster, when you create a wildcard subdomain, it automatically adds a wildcard folder like this: public_html/wildcard. The forum members username is skeggsjp. You can read his comments in the thread.
He stated that he found that by removing the initial wildcard subdomain he created and recreated it again without the wildcard folder attached to public_html as a folder, that eliminated the place holder and the sites were then visible and live.
Unfortunately, he did not give any information as to how he was able to do that. I contacted Hostmonster about this and basically was told that it always adds the folder when a wildcard domain is created. And they could not give me instructions on how to keep it from automatically adding the folder.
So, if member skeggsjp happens to see this thread, perhaps you can enlighten us on how to accomplish this. Otherwise, if there is anyone else that has done this, much appreciation for the instructions on what can be done and how. Thanks a bunch