User creates a site template in a publishing site collection (using the old trick of navigating directly to save site as template page). This site template includes CEWP's which point to static images as placeholders. When a new site is created using the template, everything works fine except,
a. Site Settings -> Modify Navigation results in "List not found" error
b. Edit CEWP and try to change the placeholder image to a valid image -> List not found error
Navigate to Site Settings -> Modify Navigation
REFRESH page !
All the CEWP's start working. I have not yet identified the root cause of this issue. Reflector should be able to help. My feeling is that the publishing infrastructure adds some link pointers in the site template as GUIDs which cannot be found after the new site is created using the template.
UPDATE: This could be a possible explanation,