I use them with progressive enhancement, so if javascript is available, then a dynamically generated href is added. Otherwise, I prefer non-functional links, because hiding the links often affects layout and can be confusing. If the link is visible, but not working, it's obvious that there's an issue with the application. If the link is hidden, it's not really clear why its missing. (Did the site change? am I on the wrong page? etc)

Buttons aren't perfect, either, you have to write additional code to handle middle-click actions, and the right-click menu doesn't contain the expected "Open in New Tab" or "Copy Link Location".