Windows Vista includes a great little utility that allows users to finally make soft and hard file system links in the file system.  This can be very useful from a software compatibility standpoint as well as a great way to organize your computer.  Unlike a shortcut, a link is at the file system level and can be used to create an alias for a file or folder that is in a different location.  For example, you can create a hard link (Directory junction) called c:\win that points to c:\windows\system32. After the link is created, you can open up command prompt or explorer and browse to c:\win and you will see the contents of c:\windows\system32. This is not a new technology, it has actually been a core Linux and Unix feature for as far as I can remember but it is nice to finally have it in Windows Vista.

Links can be created with the mklink command line utility.

MKLINK [[/D] | [/H] | [/J]] Link Target

        /D      Creates a directory symbolic link.  Default is a file
                symbolic link.
        /H      Creates a hard link instead of a symbolic link.
        /J      Creates a Directory Junction.
        Link    specifies the new symbolic link name.
        Target  specifies the path (relative or absolute) that the new link
                refers to.

Let's say that you want to create a directory junction like I mentioned earlier called c:\win that points to c:\windows\system32: