I am a software developer. I should be your perfect user use case: someone who understands how difficult it is to make software which pleases everyone, and am usually willing to cut other developers a little slack when things don't work exactly the way I would like them to. Developing software is hard!
That being said: this is 2009 A.D. Why can't I easily find a way with the Notes version 8.5 to highlight a block of text and insert a hyperlink behind it? You know, so the text would look like this, instead of like this: http://lotusnotessucks.4t.com/. I don't think hyperlinks are going away, guys: let's give it a shot.
By the way, Google even fails when trying to help answer this question. Here's the top result of the search "Lotus Notes insert hyperlink".
By the way, Notes UI developers: note how nice that formatted hyperlink looks? If you had to email the same link using Lotus Notes, here's how it would look: http://community.contractwebdevelopment.com/user-friendly-hyperlinks-in-outlook-and-lotus-notes. Much nicer, don't you think?
In case you're wondering, the post (dated 2008) ensures me the answer to how to do this in Lotus Notes is "coming soon!"
UPDATE: Thanks to Andrew for posting a comment which taught me what the Lotus Notes User Experience Gurus have chosen to name a hyperlink - they call it a Hot Spot! That led me to this post which teaches you everything you need to know about inserting formatted hyperlinks into your Lotus Notes email - including the fact that in order for your Link Hotspot to look like a hyperlink, you need to select the text after inserting the link hotspot and choose to underline the text.