The steps I have been told for the "insert link" icon are:
Type text in message window which you will want displayed.
Highlight text.
Click Icon.
Copy your link to the box including the http://
Click OK
When I do this .... if the link was onsite .... the text will display and link will be hidden inside of it.
If the link is not onsite ... then only the unparsed link is returned to the browser and the original highlighted text is gone forever.
hmmmm ...... LOL ..... so if the href was the only text ..... would the whole thing be nullified ... hence why you got nothing?? But if so, why did my test work??
Edited to say I tried the insert a link icon again and didn't highlight any text .... the link parsed and displayed again .... so I'll bet you didn't have http on the front because without that (or without a normal
www.) vbulletin has no idea it's even a link.