diff --git a/src/applications/metamta/view/PhabricatorMetaMTAMailBody.php b/src/applications/metamta/view/PhabricatorMetaMTAMailBody.php
--- a/src/applications/metamta/view/PhabricatorMetaMTAMailBody.php
+++ b/src/applications/metamta/view/PhabricatorMetaMTAMailBody.php
@@ -12,6 +12,15 @@
   private $htmlSections = array();
   private $attachments = array();
 
+  private $viewer;
+
+  public function getViewer() {
+    return $this->viewer;
+  }
+
+  public function setViewer($viewer) {
+    $this->viewer = $viewer;
+  }
 
 /* -(  Composition  )-------------------------------------------------------- */
 
@@ -33,6 +42,23 @@
     return $this;
   }
 
+  public function addRemarkupSection($text) {
+    $engine = PhabricatorMarkupEngine::newMarkupEngine(array());
+    $engine->setConfig('viewer', $this->getViewer());
+    $engine->setMode(PhutilRemarkupEngine::MODE_TEXT);
+    $styled_text = $engine->markupText($text);
+    $this->sections[] = $styled_text;
+
+    $mail_engine = PhabricatorMarkupEngine::newMarkupEngine(array());
+    $mail_engine->setConfig('viewer', $this->getViewer());
+    $mail_engine->setMode(PhutilRemarkupEngine::MODE_HTML_MAIL);
+    $mail_engine->setConfig('uri.base', PhabricatorEnv::getProductionURI('/'));
+    $html = $mail_engine->markupText($text);
+    $this->htmlSections[] = $html;
+
+    return $this;
+  }
+
   public function addRawPlaintextSection($text) {
     if (strlen($text)) {
       $text = rtrim($text);
diff --git a/src/applications/people/markup/PhabricatorMentionRemarkupRule.php b/src/applications/people/markup/PhabricatorMentionRemarkupRule.php
--- a/src/applications/people/markup/PhabricatorMentionRemarkupRule.php
+++ b/src/applications/people/markup/PhabricatorMentionRemarkupRule.php
@@ -100,11 +100,17 @@
         $user = $actual_users[$username];
         Javelin::initBehavior('phabricator-hovercards');
 
+        $user_href = '/p/'.$user->getUserName().'/';
+
+        if ($engine->isHTMLMailMode()) {
+          $user_href = PhabricatorEnv::getProductionURI($user_href);
+        }
+
         $tag = id(new PHUITagView())
           ->setType(PHUITagView::TYPE_PERSON)
           ->setPHID($user->getPHID())
           ->setName('@'.$user->getUserName())
-          ->setHref('/p/'.$user->getUserName().'/');
+          ->setHref($user_href);
 
         if (!$user->isUserActivated()) {
           $tag->setDotColor(PHUITagView::COLOR_GREY);
diff --git a/src/applications/phriction/markup/PhrictionRemarkupRule.php b/src/applications/phriction/markup/PhrictionRemarkupRule.php
--- a/src/applications/phriction/markup/PhrictionRemarkupRule.php
+++ b/src/applications/phriction/markup/PhrictionRemarkupRule.php
@@ -29,9 +29,12 @@
     $slug     = PhrictionDocument::getSlugURI($slug);
     $href     = (string)id(new PhutilURI($slug))->setFragment($fragment);
 
+    $text_mode = $this->getEngine()->isTextMode();
+    $mail_mode = $this->getEngine()->isHTMLMailMode();
+
     if ($this->getEngine()->getState('toc')) {
       $text = $name;
-    } else if ($this->getEngine()->isTextMode()) {
+    } else if ($text_mode || $mail_mode) {
       return PhabricatorEnv::getProductionURI($href);
     } else {
       $text = $this->newTag(
diff --git a/src/applications/transactions/editor/PhabricatorApplicationTransactionEditor.php b/src/applications/transactions/editor/PhabricatorApplicationTransactionEditor.php
--- a/src/applications/transactions/editor/PhabricatorApplicationTransactionEditor.php
+++ b/src/applications/transactions/editor/PhabricatorApplicationTransactionEditor.php
@@ -2159,10 +2159,11 @@
     }
 
     $body = new PhabricatorMetaMTAMailBody();
+    $body->setViewer($this->requireActor());
     $body->addRawSection(implode("\n", $headers));
 
     foreach ($comments as $comment) {
-      $body->addRawSection($comment);
+      $body->addRemarkupSection($comment);
     }
 
     if ($object instanceof PhabricatorCustomFieldInterface) {
diff --git a/src/infrastructure/markup/rule/PhabricatorObjectRemarkupRule.php b/src/infrastructure/markup/rule/PhabricatorObjectRemarkupRule.php
--- a/src/infrastructure/markup/rule/PhabricatorObjectRemarkupRule.php
+++ b/src/infrastructure/markup/rule/PhabricatorObjectRemarkupRule.php
@@ -44,7 +44,11 @@
     return $handle->getURI();
   }
 
-  protected function renderObjectRef($object, $handle, $anchor, $id) {
+  protected function renderObjectRefForAnyMedia (
+      $object,
+      $handle,
+      $anchor,
+      $id) {
     $href = $this->getObjectHref($object, $handle, $id);
     $text = $this->getObjectNamePrefix().$id;
 
@@ -55,10 +59,25 @@
 
     if ($this->getEngine()->isTextMode()) {
       return PhabricatorEnv::getProductionURI($href);
+    } else if ($this->getEngine()->isHTMLMailMode()) {
+      $href = PhabricatorEnv::getProductionURI($href);
+      return $this->renderObjectTagForMail($text, $href, $handle);
     }
 
+    return $this->renderObjectRef($object, $handle, $anchor, $id);
+
+  }
+
+  protected function renderObjectRef($object, $handle, $anchor, $id) {
+    $href = $this->getObjectHref($object, $handle, $id);
+    $text = $this->getObjectNamePrefix().$id;
     $status_closed = PhabricatorObjectHandleStatus::STATUS_CLOSED;
 
+    if ($anchor) {
+      $href = $href.'#'.$anchor;
+      $text = $text.'#'.$anchor;
+    }
+
     $attr = array(
       'phid'    => $handle->getPHID(),
       'closed'  => ($handle->getStatus() == $status_closed),
@@ -67,15 +86,24 @@
     return $this->renderHovertag($text, $href, $attr);
   }
 
-  protected function renderObjectEmbed($object, $handle, $options) {
+  protected function renderObjectEmbedForAnyMedia($object, $handle, $options) {
     $name = $handle->getFullName();
     $href = $handle->getURI();
-    $status_closed = PhabricatorObjectHandleStatus::STATUS_CLOSED;
 
     if ($this->getEngine()->isTextMode()) {
       return $name.' <'.PhabricatorEnv::getProductionURI($href).'>';
+    } else if ($this->getEngine()->isHTMLMailMode()) {
+      $href = PhabricatorEnv::getProductionURI($href);
+      return $this->renderObjectTagForMail($name, $href, $handle);
     }
 
+    return $this->renderObjectEmbed($object, $handle, $options);
+  }
+
+  protected function renderObjectEmbed($object, $handle, $options) {
+    $name = $handle->getFullName();
+    $href = $handle->getURI();
+    $status_closed = PhabricatorObjectHandleStatus::STATUS_CLOSED;
     $attr = array(
       'phid' => $handle->getPHID(),
       'closed'  => ($handle->getStatus() == $status_closed),
@@ -84,6 +112,31 @@
     return $this->renderHovertag($name, $href, $attr);
   }
 
+  protected function renderObjectTagForMail(
+    $text,
+    $href,
+    $handle) {
+
+    $status_closed = PhabricatorObjectHandleStatus::STATUS_CLOSED;
+    $strikethrough = $handle->getStatus() == $status_closed ?
+      'text-decoration: line-through;' :
+      'text-decoration: none;';
+
+    return phutil_tag(
+      'a',
+      array(
+        'href' => $href,
+        'style' => 'background-color: #e7e7e7;
+          border-color: #e7e7e7;
+          border-radius: 3px;
+          padding: 0 4px;
+          font-weight: bold;
+          color: black;'
+          .$strikethrough,
+      ),
+      $text);
+  }
+
   protected function renderHovertag($name, $href, array $attr = array()) {
     return id(new PHUITagView())
       ->setName($name)
@@ -282,7 +335,8 @@
       $object = $objects[$spec['id']];
       switch ($spec['type']) {
         case 'ref':
-          $view = $this->renderObjectRef(
+
+          $view = $this->renderObjectRefForAnyMedia(
             $object,
             $handle,
             $spec['anchor'],
@@ -290,7 +344,10 @@
           break;
         case 'embed':
           $spec['options'] = $this->assertFlatText($spec['options']);
-          $view = $this->renderObjectEmbed($object, $handle, $spec['options']);
+          $view = $this->renderObjectEmbedForAnyMedia(
+            $object,
+            $handle,
+            $spec['options']);
           break;
       }
       $engine->overwriteStoredText($spec['token'], $view);
diff --git a/src/infrastructure/markup/rule/PhabricatorYoutubeRemarkupRule.php b/src/infrastructure/markup/rule/PhabricatorYoutubeRemarkupRule.php
--- a/src/infrastructure/markup/rule/PhabricatorYoutubeRemarkupRule.php
+++ b/src/infrastructure/markup/rule/PhabricatorYoutubeRemarkupRule.php
@@ -20,8 +20,10 @@
 
   public function markupYoutubeLink() {
     $v = idx($this->uri->getQueryParams(), 'v');
+    $text_mode = $this->getEngine()->isTextMode();
+    $mail_mode = $this->getEngine()->isHTMLMailMode();
 
-    if ($this->getEngine()->isTextMode()) {
+    if ($text_mode || $mail_mode) {
       return $this->getEngine()->storeText('http://youtu.be/'.$v);
     }