This privilege determines if the user can create a symbolic link from the computer he is logged on to.
WARNING: This privilege should only be given to trusted users. Symbolic links can expose security vulnerabilities in applications that aren't designed to handle them.
This setting can be used in conjunction a symlink filesystem setting that can be manipulated with the command line utility to control the kinds of symlinks that are allowed on the machine. Type 'fsutil behavior set symlinkevalution /?' at the command line to get more information about fsutil and symbolic links.