Based on my experience, IE5 shows the hold string with space in them, but it will recognize the whole value (in this case, the whole sentence with spaces). In contrast, Netscape does NOT recognize all the spaces in between the value. Therefore, you must rawurlencode() the value. With that said, after you rawencode(), both IE5 and Netscape should work.
Are you having problems after rawurlencode() in IE5?
Even thought the link does not show all the %20, etc, it will still work in IE5.
Kai