I get multiple TortoiseSVN context menu entries when I right click on a link!

This is by design. One entry is for the link itself (the .lnk-file), the other for the target the link points to.

This way a link can both be versioned and in the same time work as a link should by allowing operations on its target.

In fact, you can have up to three entries in the file menu (the context menu will show only two).

Update for TortoiseSVN 1.5.0
TortoiseSVN 1.5.0 will only show multiple entries if the target of the link is in a working copy.