You can't just say something like that unqualified. My life is made better daily by the presence of symlinks.
Hard-links would also be a nice addition. I am sure NTFS supports them deep inside it.
As far as I can tell, reparse points for directories will usually work perfectly well for most of the things you'd expect them to. I use them, and a subversion repository to version control pretty much everything config related on my windows machine.