Consider a page "SourcePage" containing wikitext like this:
{{#ifexist:TargetPage|Exists.[[Category:Foo]]|Does not exist.[[Category:Bar]]}}
Assume that when the above is first added to SourcePage, TargetPage does not exist. SourcePage is therefore categorized in Category:Bar.
Then create TargetPage. SourcePage is correctly purged, showing "Exists" and showing Category:Foo at the bottom of the page. But if you actually look at the two categories, SourcePage remains in Category:Bar and is not found in Category:Foo.
This same thing happens with image links (the list at the bottom of the image page is wrong) and template transclusion links (the list in the template's Special:WhatLinksHere output is wrong). I haven't tested external links, interwiki links, language links, or the like, but they are probably wrong too.
A null edit to SourcePage will, of course, fix all these problems, but it shouldn't be necessary.
See also T14019 for a detailed analysis of the underlying problem.