I’ve just experienced this problem.
1. Permalinks led to the RSS signup page
2. Signing up to the feed ‘fixed’ the issue
3. Unsubscribing did not make the problem reappear
4. A friend could not ‘fix’ the problem by signing up
5. ‘Jiggling the handle’ (setting permalinks to default then back to %postname%) seemed to fix the problem
Does anyone know what causes this? This is the first time I’ve encountered the problem in over a year of working with WordPress. I’d like to know if this is an isolated issue or if I should expect it in the future.