I don't think the links will work with itemize as you don't have a unique number to point to. An error is generated like
Package hyperref Warning: Suppressing empty link on input line 17.
Package hyperref Warning: Suppressing empty link on input line 19.
Try it with enumerate and it works:
\documentclass{article}
\usepackage[colorlinks]{hyperref}
\begin{document}
\begin{enumerate}
\item blah \label{list:blah}
\pagebreak
\item foo \label{list:foo}
\pagebreak
\end{enumerate}
reference to blah \ref{list:blah}
\pagebreak
reference to foo \ref{list:foo}
\end{document}
If you want this to work with itemize you may use \pageref. But I am not sure to what extent this will be helpful in this case.
\documentclass{article}
\usepackage[colorlinks]{hyperref}
\begin{document}
\begin{itemize}
\item blah \label{list:blah}
\pagebreak
\item foo \label{list:foo}
\pagebreak
\end{itemize}
reference to blah \pageref{list:blah}
\pagebreak
reference to foo \pageref{list:foo}
\end{document}
\refs expand to? – Joseph R. Nov 08 '12 at 15:49