Check out this discussion:
http://stackoverflow.com/questions/3573942/html-override-statusbar-link-location-display
Looking at Google's source code, they implement something similar to the second solution discussed there:
<a href="your text" onclick="location.href='your url';return false">link here</a>
Here is the similar code used on Google's page:
<a href="http://www.foobar.com/" onmousedown="return rwt(this,'','','','5','AFQjCNEPGizfsI4OtYQwY-AaYKVX-eJFkA','','0CEkQFjAE','','',event)">
It seems like when you mouse down on the link, it calls a function that changes it to the proper url.