NTFS does indeed support both symbolic links and hard links in recent versions of Windows, and they can be created with the "mklink" command-line utility. (see: http://en.wikipedia.org/wiki/NTFS_symbolic_link)
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.