There is a regression in the Blog Posts Macro in Confluence 4.0. The behavior changed from 3.5.13 and deviates from the functionality previously documented at:
Confluence 3.5: https://confluence.atlassian.com/display/CONF35/Blog+Posts+Macro
Confluence 4.0 (as of when this issue was raised): https://confluence.atlassian.com/pages/viewpage.action?pageId=264706932

When using the following markup in 3.5.13 the page would display the full content of 10 blog posts:

{blog-posts:max=10}

In Confluence 4.0, the content is displayed as if the "titles" option was selected. I can't find a way for our users to have their pages render content the same way it did in 3.5.13.

The documentation linked above is was clear that the default option should be "entire". After raising this issue on Sept 21 2011, Atlassian modified the live Confluence 4.0 documentation on October 4 2011 to remove reference to the default "entire" option.

This is a regression and significant for our users, to the point where I and other customers who have commented below may need to revert back to 3.5.13 due to the loss of functionality, so I'm marking it as a major critical bug. This didn't just remove functionality, this removed DEFAULT functionality without warning.