Hard Links in Window are called Junctions and are useful for example to create an Assets link in current folder and link to one in Dropbox.
First change to the directory where the link should be placed:
Then enter this line at the Command Prompt to create the Junction:
mklink /J Assets "%home%\Dropbox\Modo\Assets"
Note the location of your Dropbox and Content folder may vary this is the default location.
Render outputs are useful when you wish to compose layers in an external application such as Photoshop. The render outputs required to produce the same image as the Final Colour output are:
Diffuse Shading (Total) + Transparent Shading + Reflection Shading + Specular Shading + Subsurface Shading + Luminous Shading = Final Color
Each layer is Added (Linear Dodge) to the previous layer in the composition. Each Layer is rendered with a gamma of 1.0, then combined with the required Gamma, 2.2 for RGB is added to produce the best result for display on screen.