links doesn't deal well with html tags when the begin and /end tags have different case. To wit, http://oss.sgi.com/projects/xfs/ml.html looks alot different in links than in lynx. Reading the page source shows that the <B> tags are ended with </b> tags ...
I currently see broken html like this: <pre> <a href="mail_archive/200007/threads.html"<B> July 2000 </b></a> </pre> The only error I currently see is due to non-standard html, not links misparsing valid html. Without the a href tag, the text is properly bold'ed. Also checked behavior with elinks and lynx. Change state to needinfo, please provide more details if you still see the same bug.