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This is completely independent of iCal. I can Copy As Link from OF and paste into the Safari address bar, for example. Some links open the correct item, others don't. I haven't experimented with it much, link backs have been too buggy to bother with. I've reported bugs and not yet seen mention of fixes in the release notes, so I'm just waiting on it. Frankly I don't have much need for the feature, so I haven't been too bothered by it. Most annoying is that Growl notifications don't link back.