REGEXP_REPLACE woes

I want to transform the text '[p=1242|John Smith]' to
<a href="./family.php?person=1242">John Smith</a>, but what I get is:

pgslekt=> select REGEXP_REPLACE('[p=1242|John Smith]',
pgslekt(> E'[p=(\d+)|(.+?)]',
pgslekt(> E'<a href="./family.php?person=\\1">\\2</a>');
                    regexp_replace
------------------------------------------------------
 [<a href="./family.php?person="></a>=1242|John Smith]
(1 row)

What am I doing wrong?

PostgreSQL 8.2.7 on i686-pc-linux-gnu BTW.
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Leif Biberg Kristensen | Registered Linux User #338009
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