Receptional_Andy - 8:17 pm on Feb 17, 2011 (gmt 0)
I've never tested this, but in most situations it would seem counter-intuitive. People click links because they want what is at the destination of the link. Not knowing that is liable to be a significant deterrent in many cases.
That said, I can see that if you could creation sufficient interest about what would actually be there, it could work very well. But I doubt in most scenarios you'd be able to generate enough curiosity ;)
I'd say it's worth testing in isolation to see whether this is a good fit for your audience.