Erm, no. The target is F:\VideoLAN\VLC\vlc.exe here (I downloaded the .zip, extracted the .lnk and looked at the properties).
I guess somewhere in the link %PROGRAMFILES% is used.
BTW: No, I didn't use nLite but created my own winnt.sif.
FYI: Currently I have C:\Windows as Windows directory, D: as swap drive, F: for applications, H:\Dokumente und Einstellungen as the folder for documents and settings (I guess "Documents and Settings" is the english version). E: for installation (setup) files, G: for games and I: for downloads
FYI2: No, it's not Vista but Vista Inspirat