Good post. You should also realize that there is not a biological/geological "law" that requires the fossilization of every species that ever lived. In fact, given the lack of fossils for organisms that have become extinct in the last 200 years really pushes home this fact. Passenger pigeons are a perfect example. They numbered in the billions in North America until they went extinct about a hundred years ago. Guess what, no fossils of passenger pigeons.
You can also factor in the amount of land we have actually scoured for fossils. I wouldn't be surprised to hear a geologist claim that only 0.0001% of the earth has been searched for fossils. It's not so much that there are "missing" links. A more accurate portrayal is that they are "yet to be found" links.
And yet another factor is subduction. Old land is destroyed while new land is created. Right now there are fossils being pushed back into the mantle where they are melted into magma.
Just to sum up:
1. Fossilization is rare.
2. We haven't even scratched the surface in our search for new fossil species.
3. There are mechanisms that destroy fossils.
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