If a page fails to load, the "error loading page" message displayed in the transient yellow (style e) modal is shown shortly after the "loading" modal.

Thereafter, the link that failed to load doesn't function. 

To clarify, the first time you use a broken link, you see the loading and error dialogs.

Thereafter, you are shown no dialogs, and so the link is now a nop.

I can see why one might do this, as what's the point of processing a known dead link, but I can't help feeling that some sort of feedback is still required.

I think in general one expects an error message of some sort when clicking a dead link. 

Otherwise your thinking "did I actually hit the link text?" and maybe try again.

Or maybe you think the page is hung, or the device is hung, etc.

Yea, I defo think some sort of feedback is required after the first time a dead link is clicked, so the user experience is consistent.