We decided we didn't really like the way ACT! creates shortcuts to files. A windows shortcut file is created in the ACT! database attachment folder and that file is attached to the contact record.  If that file should be dameged or lost, your link is broken and you have some work ahead of you.

File linker allows you to create a "hyperlink" style text link in either a history or note record.  The entire text of the link is stored in the Note/History record, so it can't get lost.  You can link mutiple files to s single note/history and create the same link(s) for multiple contacts.  Do THAT with shortcuts!