The name of this new utility is still pending, but it allows you to easily move a folder from one drive to another, replacing it with a junction (hard-link).
More information and early download: http://www.bitsum.com/junctionmaster.php
v0.00.03 is now available for testing. It will probably work better for most people. The previous installer, at least for the x64 build may or may not have worked at all depending on which upload you got. This is a better build, though it still needs more polishing and testing.
Try to be careful not to move files that may be in use or otherwise error out. You'll result in a condition where the files from the new target need to be moved back to the original source. The good news is that so long as you handle any error correctly or as instructed, then you will not suffer any data loss.
v0.00.04 is now available. Primary 'issue' is moving of protected system files in Vista such as those in Program Files.
Download link removed for temporary retooling... Testing in extended environments revealed I must do things a bit differently.