Got an email today, looks officious enough:
E-Mail ID #3821 Notification of Limited Account Access
From service

@paypal.com
Dear PayPal valued member,
PayPal is committed to maintaining a safe environment for
its community of buyers and sellers.
To protect the security of your account, PayPal employs
some of the most advanced security systems in the world
and our anti-fraud teams regularly screen the PayPal
system for unusual activity.
Recently, our Account Review Team identified some unusual
activity in your account.
In accordance with PayPal's User Agreement and to ensure
that your account has not been compromised, access to
your account was limited.
To restore your account please click on the link bellow:
http:

//www. >:(paypal.com/cgi-bin/ >:(webscr?cmd=_login-run
If you fail to restore your account access by the date
shown below, your account will be closed.
This notification expires on the 23th of January, 2005.
Do not click on that link - links modified to non clickable
Rather than checking that link, I went to a couple of other sites, then into my paypal account. Nothing amiss and no similar notice at all.

I suppose it could be real, but I seriously doubt it.