Looking at both the 1.1 and 1.0 RFCs, 404 is there in both - so it's probably for no other reason than for the server to communicate to the client that it's operating on http 1.1.
That said - if a server responds with 404 over Http 1.1, it implies that it could have returned 410 - Gone instead to indicate a resource that used to exist but no longer does. This status code is not part of 1.0, and therefore this information could be useful to a client (especially web crawlers).
EDIT
Sorry - this answer is probably answering the other way around! I reckon you can probably count on only a few hands the number of public web servers that will be bothering to remember all the resources that used to exist and which no longer do (no way I'd code that into my web server!) - so therefore it's probably best to respond with the 1.0 404 to indicate that 'it's just not there' rather than 'that's not here, but other stuff around the site might used to have been but no longer - in which case I could have sent you a 410'.
There's also the fact that you're allowing 1.0-only clients to work with your site.
That said - it's all a bit pedantic.