Windows Vista, 7 and all previous versions show a small arrow on all shortcut files. Although it helps in identifying shortcut files but many people don't like it as it hides some part of the actual icon.
If you are also one of them, you can use "Vista Shortcut Overlay Manager" to remove the ugly arrow. You can also set it to a small arrow if you want.

In past you had to use registry method to remove the shortcut arrow but now you use this small and free tool to remove it.
It works in Windows Vista and 7.
You can download it using following link:
This article was posted by VG in following section: Software, Windows 7, Windows Vista.
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Someone
Look's simple and great. Did you know you can remove the icon with Tune Up Ultilties?
Someone
Is there one for Windows 7? Please tell me the default is very annoying.
VG
^^ Did you try it in 7? I think it should work. Try to run it in compatibility mode.
Someone
Unhandled exception has occured in your application error, same in LogonStudio Vista.
Carlos
I used this and Auslogics Tweak Manager to remove the ugly arrow, but after I restart, a big black square is where the arrow is supposed to be.. what can I do?
Thanks!
VG
^^ Most probably a corrupt VGA driver problem. Try to update it.
David
I want a Windows 7 shortcut overlay for XP. Anyone got them? I want them!! Please! :)
VG
^^ You can use SevenVG Icon pack which'll replace XP shortcut icon overlay with Windows 7 one.
fanaudi
You can do the same and more with Tweak Manager .
Regards ,
Fanaudi .
Dan
Why clearly say it works in Windows 7 when it clearly doesn't? Total waste of time.