Firstly, did you restart your device after installing Browser Switchboard? If not, try that before doing anything else.

If restarting doesn't help, then try the following:

1. Upgrade to Browser Switchboard 3.1-2fremantle1. (This shouldn't solve your problem, but it will make finding the problem easier.)
2. Open an X Terminal, then type the following, pressing Enter after each line (the $ is a prompt that will be displayed to you, not something you type):
   
   Code:

   $ killall browser-switchboard
   $ browser-switchboard

   You should get output that looks something like this:
   
   Code:

   continuous_mode: 0
   default_browser: 'fennec'
   other_browser_cmd: 'NULL'
   Starting main loop

3. Try to open one of your home screen bookmarks.
4. Assuming it doesn't work, copy all of the stuff Browser Switchboard writes to the xterm and post it here so that I can have a look at it.