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See the discussion at http://forum.civicrm.org/index.php/topic,30462.0.html (Use -s option when sending CiviMail via CLI)
The issue I found is that the html2text package uses $SERVER['HTTP_HOST'] when converting relative URL links to absolute. Tinkering with packages seems to be a bad idea (and a number of packages refer to $SERVER['HTTP_HOST'] such as dompdf, html2text, kcfinder, Net, Pager, and tcpdf). The best bet is to change cli.class.php to default $SERVER['HTTP_HOST'] to the server name contained in the CIVICRM_UF_BASEURL, rather than 'localhost' as is currently done. That would minimise the need to use the -s parameter.