Without [ code ] tags:

<a href="http://example.com/">Example</a>

Same text, with [ code ] tags:


I haven't dug into the code yet to see why this is happening.

I think that the [ code ] tag should preserve the contents as-is, with only a couple of exceptions: 1) line-wrap to prevent excessively long lines, and 2) [ color ] tag interpretation to allow highlighting when posting code changes. Both of those exceptions seem to work ok.