I think the major prejudice against fiction in the present tense is that the public is used to fiction in the past tense. Especially commercial fiction. Literary fiction in the present tense is nothing new, and my sense is most lit readers don't even blink at it, may even expect it.
There could be a good reason for past tense as default: Most of us do tell our stories AFTER the fact, not while the stories are ongoing. Note, however, a tendency for personal narrative to slip into present tense in moments of narrator excitement: "Well, I went to Starbucks, and Joachim was there. So I go, oh my god, and he walks over, and Susan has to go and say, hey dimbulb, why'd you stand Allison up the other night?" A book written in first person, under the explicit or implied conceit that the narrator is narrating to a friend in informal circumstances, could easily work with present tense. Sophie Kinsella's hugely popular Shopaholic series is in present tense.
A certain narrative authority is gained by using the past tense. The narrator has already been through the events of the story and has presumably gained some perspective on them. Present tense may also be historical, but it gives the impression of immediacy, which may reduce the sense of authority for some readers.
Nonhistorical present tense in a story -- the story really is supposed to be happening to the narrator even as the story progresses -- could strike some readers as pleasingly intense. Others could reject the conceit (probably subconsciously) as illogical.
So I guess I see two basic types of present tense story:
1. Historical present - the story could be told in past tense as well; the events have happened prior to the narration.
2. "Real" present - the story is supposed to be happening in real time; the narrator is experiencing it as it occurs. This story should not include the same type of reflection that a past or historical present story could include -- the narrator's reactions should seem immediate, not mulled over. Some stories would not do well in "real" present tense.
The second type could violate, again, for SOME readers, their basic sense of what a story is -- something that is told to them after it happens, not something they really experience along with the narrator.
Write in the tense you prefer. Just realize that some markets, some editors, and some readers don't like present tense on a visceral level, which does indeed suggest that there's a deeper psychological antipathy than mere custom. I'm sure I haven't expressed well what I feel the antipathy is, but I do believe it's there.