A 404 means the server can't find what I asked for, can't tell me where it went, has no idea what I'm looking for. By definition, my browser shouldn't show me the content that was returned-- it knows it's not what I want!
If I get a 404 code, the page shouldn't change. The browser should just show a message indicating that that resource doesn't exist, include the reason message if it's something other than "NOT FOUND", and let me either try a different link or correct my spelling. If I clicked a link to get there, it could even set a style on the link to indicate the resource doesn't exist.
It's strange how much we're still living in the nineties. I wonder how many of the use cases of Ajax could be replaced by an intelligent browser using the existing HTTP standard?