Yes, it appears that, since the output is HTML, the memo is processed for HTML special characters, before these two format codes are checked. Since an "&" is converted to "&" the semi-colon marks the end of the website address and the begining of the link text. This is not good. Since the "&"'s in the query-string (the part after the "?") should NOT be "HTML escaped". That is: www.abc.com?a=1&b=2 is not a correctly formatted URL (although it does seem to work in some cases). The choice of ";" (semi-colon) as the separator between the address and text is doubly unfortunate since the W3C specifications allow the ";" to be used instead of the "&" in a query-string.
I tried a couple of other reports and obtained the same result. While the [WEB] codes will work (as long as there is no query string or a single parameter query string) the
codes do NOT WORK AT ALL. So, at this point, I am dead in the water. I can not add the links that I would like. I guess the question now is, how do report this to technical support. The TMG help file leads to these forums for technical support, but I don't see any indicators on how to report a bug or contact tech support.