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WMT is not a real-time tool. Different pages within the tool are updated with different frequency. They seem to be updated randomly - sometimes 7 days, 10 days, 2-3 weeks, etc. So you're likely looking at old data.
It's not uncommon for links to disappear off of a page yet it still be reflected in WMT. Same happens in Yahoo! Site Explorer.
This is frequently the result of "Recent Comments" widgets. You post a comment on a blog, and suddenly you get a link from every page on that blog due to the "Recent Comments" widget. The seach engines crawl your site while a link to your site is shown in the "Recent Comments" widget and give you credit for links from LOTS of pages on that site, not just the post page where you commented. Then 10 comments later your link rolls off the "Recent Comments" widget.
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