I used the way you quoted from that other thread. It still works in win7. As far as how many folders you want it's up to you really. The way I looked at it is one folder for each configuration you want. So if you play full screen with your main and things are different than your team you will want one for him and the rest. I used my "main" folder as the root (not sure what it's called when linking) and just linked the other folders to it. I setup keyclone to launch from each folder. After that you should be good to go. The only time I mess with the other folders is when there is a patch. Other than that I haven't had to mess with them at all.

BTW imho win7 is just flat out one of the best window's they have ever made. Runs so much smoother. I hope they keep it as streamlined as it is right now at release and dont add a bunch of crap. I think you will be pleased =)