From what Matt said, maybe the behavior has indeed changed completely and this is a replacement for the previous Google response.
My perspective is that clicking on a Google SERP link and ending up on a fake pharmacy page for Cialis, etc. is the worst possible thing that can happen, short of actual malware. It gets the adrenaline going, and a person is going to remember that for a long time.
Seeing the warning, or not seeing the page at all because the site is delisted, are both far preferable. A web surfer won't remember that, or at least not with anywhere near the vividness.