Happens reliably for me, with other odd behaviors on other sites (not all). Safari 5.0.2 on an up-to-date OSX 10.6. I could record a screencast, if you'd like, though I'll try cleaning things up first. An extension / the fact that I haven't shut down Safari in 4 days could be messing something up.
Did you check the screenshot? The grey circle is the cursor, and the blue-highlighted link is what it thinks is closest. All three of those underlined phrases are links, but it gets it massively wrong when it's near the mid-left of the three.
