This question arises from my attempt to answer vertical spacing on enumitem. Originally, I was able to answer the OP's question, but then the OP mentioned that the problem re-emerged if the hyperref package was used.
The following is a MWE:
\documentclass{article}
\usepackage{hyperref}
\begin{document}
\noindent
Hello
\fbox{%
\begin{minipage}[t]{9cm}
\begin{enumerate}
\item the first item
\item the second item
\item the third item
\end{enumerate}
\end{minipage}}
\end{document}
Resulting in:

When expecting:

which is easily obtained from the MWE by commenting out the call to use hyperref.
After playing a bit with the contents hyperref, the problem seems to lie with how hyperref redefines how \item used in an enumerate environment. In particular, the macro \hyper@refstepcounter seems to be at the root of the problem since by redefining it as
\def\hyper@refstepcounter#1{\relax}
eliminates the unwanted extra vertical space.
The definition of \hyper@refstepcounter is
\def\hyper@refstepcounter#1{%
\edef\This@name{#1}%
\ifx\This@name\name@of@eq
\@ifundefined{theHequation}{%
\make@stripped@name{\theequation}%
\let\theHequation\newname
}{}%
\fi
\HyCnt@ProvideTheHCounter{#1}%
\hyper@makecurrent{#1}%
\ifmeasuring@
\else
\Hy@raisedlink{%
%-->
\hyper@anchorstart{\@currentHref}\hyper@anchorend
}%
\fi
}
If you comment our the line following %-->, the extra vertical spacing disappears.
The raised link seems to be the problem, is this a bug in terms of how it's essentially counteracting how minipage eliminates the effects of \addvspace? Or is there some trick that is a work around (other than commenting out this line)?
EDIT
One option for fixing this seems to be writing
\let\ifmeasuring@\iftrue
(or is this less drastic)
\measuring@true
after calling hyperref package. But, I'm not really sure what the raised link is supposed to be achieving here. Am I possibly throwing out too much by doing this? Or might amsmath simply override this later---which seems unlikely because \measuring@false is only called from within a group.

enumerateenvironment in aNoHyperenvironment. – Jun 13 '13 at 07:13hyperrefanchor has to be placed above the item number, so that a click on a hyperlink will show the item and not place the view below it. On the other hand, this introduces an element in the vertical list (theminipage) that sets a different reference point than expected. – egreg Jun 13 '13 at 09:50