What is the difference between regular live links and live links inside [CODE]?
 

What I meant in the title is this

Regular live link
vBulletin.com

Live link in [code] box
Code:
vBulletin.com
Does the one in [code] box prevent it from getting sent to SEO's? I asked this because I thought that people put their links into CODE to prevent the URL from cutting off and also prevent the thread page from being indexed to Search Engines like Google or Yahoo.