Looks like they messed up and didn't dynamically insert the websites for which they would like to exchange links with. Or that. But you would think they'd "weed out" all of the free mail domains.
Oh is it something sent out automatically? That's pretty good. If I owned hotmail, I'd be asking myself "How could I become so rich and famous, by starting the most shitty email interface on the web?? Amazing!!"
If I owned hotmail.com, I would slam affiliate banners onto all the pages with an Are you dumb? use <a href=http://www.gmail.com>GMAIL</a> link on top.
Thats a pretty neat way of getting links if your already spamming. I mean if he only had a list that removed obvious domains such as yahoo,msn,gmail,hotmail or 1000 other email providers it would work.