I received this email today (click to see at readable size)
In tone, look, and profusion of serial numbers, it looks entirely plausible. The reason for contacting me is entirely plausible, too. The only things that tipped me off that it isn't really a PayPal mail is that the recipient address -- firstname.lastname@example.org -- is a honeypot address I use specifically for catching spam. That led me to pay more attention to the link in the email, discovering that it wasn't just a link, but an anchor tag, the actual destination of the link being the anonymous IP shown in the red ring.
Scary. Be wary, people.