Due to the limitation of the default mouse protocol of terminals, clicks can only be reported up to row/column 223 or 256 (depending on terminal). There's an extension (SGR 1006) which is getting quite widespread across terminals and overcomes this limitation.
The attached patch adds this feature to w3m, so from now on you can click anywhere even on large terminals.
An attempt to enable the 1006 extension is a no-op on terminals that don't support it, but switches to the new protocols on terminals that speak it. The two protocols are perfectly distinguishable, so enabling it can happen automatically, without requiring config options or any other user action.
A patch provided by Hayaki Saito is merged in Debian w3m 0.5.3-9.
http://anonscm.debian.org/gitweb/?p=collab-maint/w3m.git;a=commitdiff;h=a342af3d63b304dd630f3cbde242f7266739bbaa
Patch to support SGR 1006 mouse reporting, from [w3m-dev 04466]
on 2012-07-15, provided by Hayaki Saito.
Fixed off-by-one by IWAMOTO Kouichi.
cf. https://github.com/tats/w3m/issues/5
Also, portions of Egmont's patch have been merged in Debian.