Não, isso não acontece.
Quando você atualiza um arquivo, o Dropbox quebra todos os links. Assim, no exemplo acima, o @Falk dá a resposta, se ele editou esse arquivo de um computador remoto, quando ele sincronizou de volta o link seria quebrado, e o Dropbox conteria um novo arquivo chamado testfile (Falks conflicted copy)
.
O único link que funciona é um link macio onde o arquivo original é aquele na pasta dropbox. Aqui está o script que eu usei para testar:
# symlink with target inside dropbox
echo "symbolic link test" > ~/Dropbox/symlinkToDropbox.txt
ln -s ~/Dropbox/symlinkToDropbox.txt ~/symlinkToDropbox.txt
cat ~/symlinkToDropbox.txt
echo "edit target of symlink" >> ~/Dropbox/symlinkToDropbox.txt
echo "edit symlink" >> ~/symlinkToDropbox.txt
cat ~/symlinkToDropbox.txt
cat ~/Dropbox/symlinkToDropbox.txt
# symlink with target outside dropbox
echo "symbolic link test" > ~/symlinkFromDropbox.txt
ln -s ~/symlinkFromDropbox.txt ~/Dropbox/symlinkFromDropbox.txt # relative symlinks don't work
cat ~/Dropbox/symlinkFromDropbox.txt
echo "edit target of symlink" >> ~/symlinkFromDropbox.txt
echo "edit symlink" >> ~/Dropbox/symlinkFromDropbox.txt
cat ~/symlinkFromDropbox.txt
cat ~/Dropbox/symlinkFromDropbox.txt
# hard link with target inside dropbox
echo "hard link test" > ~/Dropbox/hardlinkToDropbox.txt
ln ~/Dropbox/hardlinkToDropbox.txt ~/hardlinkToDropbox.txt
echo "edit target" >> ~/Dropbox/hardlinkToDropbox.txt
echo "edit linked file" >> ~/hardlinkToDropbox.txt
cat ~/hardlinkToDropbox.txt
cat ~/Dropbox/hardlinkToDropbox.txt
# hard link with target inside dropbox
echo "hard link test" > ~/hardlinkFromDropbox.txt
ln ~/hardlinkFromDropbox.txt ~/Dropbox/hardlinkFromDropbox.txt
echo "edit linked file" >> ~/Dropbox/hardlinkFromDropbox.txt
echo "edit target" >> ~/hardlinkFromDropbox.txt
cat ~/Dropbox/hardlinkFromDropbox.txt
cat ~/hardlinkFromDropbox.txt
#all of that works fine.
#But now open all of those files from your dropbox folder on another computer and edit them
#Your dropbox will sync, your local versions of all those files will be updated, but NONE OF THE LINKED FILES WILL UPDATE
#The hard links are replaced and the old versions copied as "conflicted copies"
#The symlink where the dropbox file was the link is unlinked
#the symlink where the dropbox file is the original is the only one that works