The Microsoft Security Response Center has updated Knowledge Base Article KB2286198 with a Fix It wizard that will disable the functionality of .LNK and .PIF files to combat this vulnerability. In the process it also removes the graphical representation of the shortcut and turns it into a white sheet of paper icon.
By implementing this fix it will protect your system from the Windows Shell Vulnerability until a final solution is put together that will fix the issue and leave your shortcut links intact.
It may not be pretty but you will be safe.
Read more about the Security Advisory for Vulnerability in Windows Shell.