On 1.4 and latest master:
user> (defn ten (link: ) 10)
'user/ten
user> (doall (pmap #(with-redefs (link: ten (fn [) %)] (ten)) (range 20 100)))
(20 21 22 23 24 25 34 27 28 29 30 31 32 33 34 35 36 37 38 39 39 35 42 43 44 45 48 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 79 87 88 89 90 91 92 93 94 95 97 92 98 99)
user> (ten)
79
Not sure if this is a bug per se, but the doc doesn't mention lack of concurrency safety and my expectation was that the original value would always be restored after any (arbitrarily interleaved) sequence of with-redefs calls.