The best answer IMO is grawity's bold headings: https://superuser.com/a/347946/24500
What is the difference between NTFS hard links and directory junctions?
Windows 7: hard link, symbolic link and junction
When would one prefer a Junction Point (Directory Hard Link) over a symbolic link?
"directory junction" vs "directory symbolic link"?
what is the difference between a symlink , junction , hard link and so on?
What are hardlinks on windows 7?
What are the advantages of symlinks over hard links and viceversa?
I'm thinking we might as well throw in all the "How do I make a hard/soft link" questions into this list also.
hardlinks on ntfs with windows
Make a hard link without extra programs in Windows 7
This question refers to Shortcuts: What is the difference between Symbolic Link and Shortcut?
We can probably just merge something about shortcuts into grawity's nicely formatted answer.
I have no idea how to tag this.