While working with the demo-project I noticed that all the internal links show the message "Target page of link does not exist".
The logs show this kind of error for each unresolved link.

2010-02-03 12:20:25,702 ERROR info.magnolia.module.templatingkit.util.STKUtil : Can't resolve reference [/demo-project/footer/02/linkList/03/link] with uuid [f312fc16-8f66-451c-bdf0-a72913b74c2d]
Digging a bit in code I've seen that the following chunk of code in AbstractNodeData#getReferencedContent(..) throws a PathNotFoundException though the path actually exists

// is this relative path?
            if (!pathOrUUID.startsWith("/")) {
                refNode = node.getContent(pathOrUUID);
            }