Straightforward, easy way to create symbolic links on Windows?

Have you looked at Junction?

Also, Windows Vista introduced the mklink command line tool to create symbolic links.

MKLINK [[/D] | [/H] | [/J]] Link Target
    /D      Creates a directory symbolic link.  Default is a file
            symbolic link.
    /H      Creates a hard link instead of a symbolic link.
    /J      Creates a Directory Junction.
    Link    specifies the new symbolic link name.
    Target  specifies the path (relative or absolute) that the new link refers to.

Scott Hanselman has a write-up on it at http://www.hanselman.com/blog/MoreOnVistaReparsePoints.aspx.

If you're speaking solely about Windows XP, I've only ever used the Junction tool.

There is a tool called Link Shell Extension which makes it easy to create symlinks to files, as well as an older type of link called a "Junction" (basically, a symlink to a folder) as well as many more exotic types of links.

Basic usage is simple: Navigate to the source folder, right click on the file or folder you want to link to, and choose the new "Pick Link Source" option from the context menu. Then go to the folder where you want to drop the link, right-click, and select "Drop As" and then either "Symbolic Link" for files or "Junction" for folders.

but

BEWARE: One reason Microsoft makes it hard to do this is that junctions and symlinks can make it very easy to accidentally DELETE CRITICAL FILES!

In some versions prior to Windows 7, deleting a junction or symlink in Explorer would automatically DELETE THE ORIGINAL DIRECTORY as well!

I believe that this problem has now been solved... but of course I make no promises... be particularly careful with third party file browsers (if you're to the point of needing symlinks, I'm sure you're painfully aware of how hard the Windows 7 Explorer blows.)

But I digress. My point is: be careful, do your homework and read the LSE documentation to find out how junctions and symlinks really work, and for gawd's sake BACK EVERYTHING UP before you start messing with junctions and symlinks!