It appears that Google has dropped a feature from the manage Google Alerts page.

In the past you were able to click on the search term in the manage alerts page to see what came up in Google for that alert. Now, the hyperlink is gone. That doesn’t mean you can’t preview alerts, you can do so on the main Google Alerts page but if you have dozens of alerts set up, it is no longer as easy as clicking on a hyperlink to preview the current state of that search result set.

Of course, for normal people who use this by receiving Google Alerts via email or RSS it is not an issue, but some people do not like to be feed alerts, but rather like to go fetch them. Well, RSS is kind of a fetch mode, as opposed to email but some people do not do RSS.

Here is a screen shot showing the hyperlinks to the search results on the keywords:

Here is how it looks now:

As you can see, the hyperlinks have been removed.

Googler Oli Gaymond said in a Google Web Search Help thread:

Forum discussion at Google Web Search Help.