Well there’s a no brainer (i.e. being down on phishing). Phishing for those that don’t know are attempts to make you think you are going to an authoritative site and reveal personal information. It’s a basic form of identity theft.
Here’s a good shockwave video on what happens if you click on the email link and end up on a bad guy’s website. I’m glad he did it (risking the spyware downloads, etc.) so I could see the result.