I can't reproduce this in either Chrome or Firefox - by drag-selecting the word with the mouse, right-clicking, double-clicking; and by selection with the keyboard or drag-clicking with the mouse to select more than the word, using both the link inspector and its remove ("trash") icon and the general "clear formatting" tool. :-(

Does this occur on every page? What about after a hard-refresh? Can you make a video/screencast of you doing this so I can see exactly how it occurs? Sorry to ask so much!

Don't even mention it, James :)
Sorry I can't provide a video today ;)
but will try to explain more carefully.
It definitely still occurs, it was just reported (among other things) in

http://it.wikipedia.org/wiki/Rodney .

The clear formatting works fine.
Properly unlinking a single word works fine.
In this article, if I just select, say, from "toponimo" to "antica" and use the linking tool to unlink, I will be able to do it the first time but then I'll get the limited functionalities listed above.
The same if I just select "adespota," .
I don't do anything else before or after that.
It happens with both Monobook and Vector and on en.wp as well, I just tried editing the article "Penguin".

Thanks.

Another user reports getting the weird cursor but being still able to work regularly after that (his specs, Firefox on W7 64bit, Monobook).
I'm looking for the quickest way to produce screencasts for you (Chrome does not seem to have valid plugins for that unfortunately).

Switching to Unconfirmed, since I can no longer reproduce this. Will ask other Italian testers if they can, otherwise I'll mark it as Resolved.

Worksforus, at it.wp. Will re-open if necessary.