From: Benja Fallenstein [mailto:b.fallenstein@gmx.de]

I've come up with a third variation that doesn't break the _ convention as much as the other two:

An `example hyperlink` <http://example.com>_. [...] Relative links are nice this way:

The `specification` <spec.html>_ is explicit about this: no `identifier` <terms/identifier.html>_ may appear outside the `correct context` <#context>_.

I like this one! I'll leave implementation and consistency issues to David, but otherwise I'd say go for this. Paul.