Here's an idea. Pages can be labelled a certain term. Blog entries or pages with these terms would automatically have links generated for the first instance of such words. These links would then link to the pages that are labelled with the term. It's similar to wiki-linking but it's automated instead.

If such is not feasible, manual wiki-linking capabilities would make it a better CMS.

Kind of like this?

Indeed! I need one that works with MT4 though.