In the Getting Started Guide for JBoss 4.2.2 it is stated that:
default is a base J2EE 1.4 server profile containing a default set of services. It has the most frequently used services required to deploy a J2EE application. It does not include the JAXR service, the IIOP service, or any of the clustering services.
But I think it should be stated that EJB3 and JSF 1.2 are also ready for use in this configuration.