What's wrong with an email that looks like this?

Answer:

Why would a multi-million dollar company like PayPal, whom I may have an account with, address me as "Dear Customer"?

Because they aren't PayPal. Read what PayPal has to say, and stop yourself from being conned.

Take a look at the email below. I've recieved 3 of these in the past week. When I click on the "Follow this link" for the oldest one, imagine this, no web site comes up.

If you see and IP address (looks like this http://210.78.22.113) in your address bar, like the one below when you click on the "Follow this link", be very wary of filling out that form. In fact don't. On top of the fact that the site isn't even https, which would use a secure certificate and 128 bit SSL, to prove the website's identity.

If you've filled out a form like this. Call your credit card company and stop that card!