For paypal. This one that I have to assume would fool me if I wasn't already sensitized to emailed phishing scams, and/or if I wasn't technically knowledgeable enough to read the URL and know the site is at some unknown IP address. Note that all the links work, by linking through to the real paypal site.
I received multiple copies of this scam at a different email addresses within a period of a few minutes today... I assume they're going to try and make as much money as they can in a few hours and see how much money they can take before they cut all traces. It'll be interesting to see if the phishing page is still operational on Monday.
Update: I didn't check up on this for a while, but on Nov 22, 2004 a commenter to this post mentions that it's gone now.