In Drupal 7 you can use #markup attribute, as suggested by MOLOT
/**
* Implements hook_form_alter()
*/
function hook_form_alter(&$form, &$form_state, $form_id) {
switch ($form_id) {
case 'user_login':
case 'user_login_block':
$form['link'] = array('#markup' => l(t('Link text'),'node'));
break;
}
}