This goes in pair with #1066830: Change /node path to /latest and allow admins to disable. and #1210366: Per-bundle node listing pages, blocks, feeds..
I realize that novice users coming to the views admin interface can easily spot a view labeled 'Frontpage' and they surely grasp what it's meant for, but once people change either their default home page setting or the path of that view, then it simply makes no sense to still call it 'Frontpage' and can in fact cause confusion (#987242: The "Promoted to front page" checkbox doesn't do anything if the /node front page listing isn't used).
In short: It makes a lot more sense to have a 'Latest content' view and set it as the site's home page.