With PHP 5.4, SQL Server 2012 SP2, just after a fresh installation.
I added a link to a not yet created Projects page on the Main page. The link is red as it should be. I click the link and create a Projects page. After saving the new page and I go back to the Main page, the old Projects link stays red. On mouse-over it says "Projects (page does not exist)" in the tooltip. Clicking the link will correctly take me to the Projects page I just created.
OS: Windows 7