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The grey url line shows the target page on the customers site -but not the whole thing. I suppose to keep down the copying and pasting. That would cost them money. :)
But when you mouse-over the title/link you can see the usual redirect-west.inktomi etc.
I'm wondering something else that would go along with this, Is anyone seeing that they are being charged by both Ink and Looksmart for the same clicks? I'm not seeing very many looksmart listings interspersed in the ink results.