I've found this solution while surfing the web for an answer.
Copy and paste this:
javascript:location.reload();
Put it into your bookmark bar, any order your like.
Then, rename it obviously, like [ R ] or something.
Once you hit this while surfing, it will refresh/reload your viewing homepage!
I understand that 'Java' stuff might be the problem of hanging-Safari 4 issues.
But, for me, having this 'Refresh' button-ish in the Bookmark bar does help ease my frustration of No-'Reload'-button-option.