I must get about 10 of these sort of phising e-mails a day. But recently, I've seen some very well crafted ones that have been targeted at paypal members that use a little more detail (like inserting the full name / e-mail in to the message). Normally it's the grammar that gives it away, but scammers are wising up a little now.
FWIW, I'd never click on a link from any bank/paypal e-mail. Always log in to the site directly

. Sometimes paypal do send valid e-mails out, so just mouse-over the URLs in the message to check that they are from the paypal domain.