Yes, in theory, Windows has rocketed into the 21st century with symbolic links. However, you can’t make them in Windows 7 unless you’re an Administrator, or unless you manage to give yourself “SeCreateSymbolicLinkPrivilege.”
Giving yourself this privilege is possible with Professional/Ultimate versions of Windows, but not Home Premium, via secpol.msc, which just doesn’t exist (and can’t be downloaded). (Funny, I don’t recall the comparison chart having a checkbox for “can actually use computer” that was missing from Home Premium.)
If you try to set this for yourself, don’t bother trying to use C# or PowerShell. You’ll need to manually wrap the unmanaged C++ advapi32 APIs, and pass all kinds of structs and pointers back and forth.
In the end, just give up on whatever it was you wanted to use symlinks for.