Index: link.module
===================================================================
RCS file: /cvs/drupal-contrib/contributions/modules/link/link.module,v
retrieving revision 1.24.4.34
diff -u -p -r1.24.4.34 link.module
--- link.module	14 Jun 2010 18:14:11 -0000	1.24.4.34
+++ link.module	13 Aug 2010 07:15:18 -0000
@@ -699,12 +699,15 @@ function theme_link_formatter_separate($
   $title = empty($element['#item']['title']) ? '' : check_plain($element['#item']['title']);
 
   $output = '';
-  $output .= '<div class="link-item '. $class .'">';
-  if (!empty($title)) {
-    $output .= '<div class="link-title">'. $title .'</div>';
+  // Prevent output altogether if there's no URL.
+  if (!empty($element['#item']['url'])) {
+    $output .= '<div class="link-item '. $class .'">';
+    if (!empty($title)) {
+      $output .= '<div class="link-title">'. $title .'</div>';
+    }
+    $output .= '<div class="link-url">'. l($element['#item']['display_url'], $element['#item']['url'], $element['#item']) .'</div>';
+    $output .= '</div>';
   }
-  $output .= '<div class="link-url">'. l($element['#item']['display_url'], $element['#item']['url'], $element['#item']) .'</div>';
-  $output .= '</div>';
   return $output;
 }