only issue with this is it creates a symbolic link rather than a junction or hardlink. UE3 had issues with this - when you were browsing for files or folders to save assets etc, it would actually traverse link and tell you destination folder rather than keeping file path relative to link itself.
You can use /j to create a junction rather than a symlink which seems to avoid this issue; shell extension I linked in my answer makes it easy to do that without command line.