Oooh, nasty

The email appears to come from paypal.

All the links are valid.

Except that the 'verification' link it wants you to click on, the one that appears to send you to http://www.paypal.com/verification/%?6488820019, actually sends you to http://paypal.cheking.com/, a domain created late last month and currently unavailable...

(And the 'real' paypal verification address doesn't exist.)