My results on Vista, using Keith Hill's powershell script to test symlinks and hardlinks:
c:\markus\other>mklink symlink.doc \temp\2006rsltns.doc
symbolic link created for symlink.doc <<===>> \temp\2006rsltns.doc
c:\markus\other>fsutil hardlink create HARDLINK.doc \temp\2006rsltns.doc
Hardlink created for c:\markus\other\HARDLINK.doc <<===>> c:\temp\2006rsltns.doc
c:\markus\other>dir
Volume in drive C has no label.
Volume Serial Number is C8BC-2EBD
Directory of c:\markus\other
02/12/2010 05:21 PM <DIR> .
02/12/2010 05:21 PM <DIR> ..
01/10/2006 06:12 PM 25,088 HARDLINK.doc
02/12/2010 05:21 PM <SYMLINK> symlink.doc [\temp\2006rsltns.doc]
2 File(s) 25,088 bytes
2 Dir(s) 6,805,803,008 bytes free
c:\markus\other>powershell \script\IsSymLink.ps1 HARDLINK.doc
False
c:\\markus\other>powershell \script\IsSymLink.ps1 symlink.doc
True
It shows that symlinks are reparse points, and have the ReparsePoint FileAttribute bit set, while hardlinks do not.