Yes, this case law is emerging. Here is a recent article about a newspaper suing over someone linking to their site.

Also according to Wired, Tickets.com won the case against Ticketmaster with the judge ruling "Hyperlinking does not itself involve a violation of the Copyright Act. There is no deception in what is happening. This is analogous to using a library's card index to get reference to particular items, albeit faster and more efficiently."