They got rid of the Press it Javascript bookmarklet code with the new version of wordpress. 
April 19, 2008...3:24 am
Press It Link
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2 Comments
August 19, 2008 at 5:03 am
It is back again now, since I have posted this.
The new one can be found here.
http://en.blog.wordpress.com/2008/08/14/press-this-bookmarklet/
I dug around and found an old one that worked. This post was just remarking that the had remove the link from the write>post page.
August 22, 2008 at 9:23 pm
As you can see its now called Press This