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Yeah.
I think I know what it is but I couldn't actually check it from here due to LTREE not being compatible with psql command line tool.
I'll fix it when I get home.
Essence: I reduced and simplified some of the SQL JOINs to make it faster, but this may have been too relaxed and it might pull in a few records of items since deleted. After the initial query of "what updates exist" is run, it will fetch the actual items... because some have since been deleted it gets a Not Found for those items, and is then returning that to you.
I got the same for my Following page 5 yesterday.