I found a quick fire way to check that all the links in your HTML/XHTML etc are actually going somewhere. It is a great little tool by the name of DeadLinks (go figure) and is available here :
It is actually instesting to see that some big sites don't pass the test, like :
www.ebay.com.au (however when clicking on the links ebay manages to correct them)
www.xe.com e.g. http://www.xe.com/xebranding/gen/shortcut.php
www.news.com.au - sorry guys...you had heaps :(
Over the next few days I will try develop a bit of code that can run as a service on my server and automatically modify dead links to be either removed or at least make sure they redirect to the home page, so come back.
Hope this helps....it obviously hasn't helped the sites above :)