Yes, there are several things that are obviously meant as links to make things easier that aren't working. In addition to the "Latest reply" only working in a discussion that is limited to a single page, in a Discussions list, I'm sure that clicking on the elapsed time since the last post in the "Last Post" column is supposed to take you to that last post. Again, in a single-page discussion, that's exactly what happens, but once there is more than one page to it, it's anybody's guess where that link will take you in that discussion. (The same is true if you click on the elapsed time link from the "Your Discussions" list.)
It makes things very hard to follow, as does a lack of designation for "New!" content within the discussion.