I haven't seen this implementation specifically, but this is very similar to software you've probably read about that does "bot clicking" or analysis of your email. The good solutions will covert all the links in the mailing to their own, but NOT actual visit the destination page until the user initiates the click. If it works that way, you're good. It will do it's analysis on click and then re-direct the user to the Marketo tracking link. If it is implemented poorly (as some are), it will visit all the links immediately when the email is received. That would cause your mails to appear as if everything was clicked (and also opened) to any senders.