If the sh404sef home page meta title is not showing correctly - solution is probably that the system cache plugin is above the sh404sef and that sh404SEF needs restarting, after an update.
go to Plugins, choose type=system. Move system cache to bottom of the list (or below sh404sef).
Go to SH404SEF control panel, click "NO" on 'Enable URL optimization'. Clear the cache. Go back to sh404sef and re-enable "Enable URL optimization". Refresh homepage a couple of times - should work correctly now.