If you look at the "source" of the message, you'll see that the link is not pointing to "paypal.com" but to "http://paypal.user-data-confirmation.com/index.htm"
And it turns out that the "user-data-confirmation.com" domain is owned by a "phishy" chinese company. If you want to know where they live:
Registrant:
Organization : LIUXIUYING
Name : LIUXIUYING
Address : JIANSHELU122
City : hangzhoushi
Province/State : zhejiangsheng
Country : china
Postal Code : 312062
Have you found similar mails in you mailbox ? Please let us know so we can warn other users about it !
Jan

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