Phillip: that would still leave dangling links, which are good form for a wiki, but obviously very bad form for a static site. Plus the .html files aren't fully formed -- we strip them down to a fragment, and some information (at this point just the title) is kept separately. (Though it could conceivably be merged back in)
What's required is really an alternate template-driven publishing system that is triggered whenever a page is changed *or* when a page it links to is created or deleted. Which actually wouldn't be that much harder to do, and the result would be much more useful.
(I noticed that Zope 3 is putting .html extensions back on URLs, which I actually kind of like even if it's "bad" in theory -- it might also be nice if the wiki did the same thing, thus making the static and Webware URLs equivalent)