> IMHO this counldn't work because the value of the <a> node is empty.
> AAA and BBB are values of <font> tags.

Wrong!
So Jonas is right:
> > value of a node is "concatenation of all parsed character data between
> > element's start tag and end tag" (from XML Bible Chapter 14).

Check it out:
XML:
<td><a href="http://"><font>AAA</font></a></td>

XSLT:
<xsl:stylesheet version="1.0" 
                xmlns:xsl="http://www.w3.org/1999/XSL/Transform"
                xmlns:p="foo">

<xsl:template match="td">
   <xsl:value-of select="a" />
</xsl:template>

</xsl:stylesheet>

Cheers,
Oliver


/-------------------------------------------------------------------\
|  ob|do        Dipl.Inf. Oliver Becker                             |
|  --+--        E-Mail: obecker@xxxxxxxxxxxxxxxxxxxxxxx             |
|  op|qo        WWW:    http://www.informatik.hu-berlin.de/~obecker |
\-------------------------------------------------------------------/


 XSL-List info and archive:  http://www.mulberrytech.com/xsl/xsl-list