Forum Moderators: phranque
But as ThomasB said, I wouldn't even bother.
Heck, if I were one of the people working at Google now, I would likely try and find a way to penalize link masking- maybe parsing overly obfuscated javascript and flash.
While it is very clever, it's really just hoarding, and that goes against the very sharing that makes the web so valuable. It is anti-social behaviour, and I recommend against it.
There are also practical considerations. Link checking is a lot more time consuming if you have to do it manually.