However, it "works" as follows: changes (say: different URLs) are recognized.Put it all together, my following code for Delphi 7 on Windows 7 should work for you too-just call the function:

uses
  ShlObj, ActiveX, ComObj;

const
  SID_IUniformResourceLocatorA='{FBF23B80-E3F0-101B-8488-00AA003E56F8}';
  SID_IUniformResourceLocatorW='{CABB0DA0-DA57-11CF-9974-0020AFD79762}';
  SID_InternetShortcut='{FBF23B40-E3F0-101B-8488-00AA003E56F8}';

type
  PUrlInvokeCommandInfoA=^TUrlInvokeCommandInfoA;
  TUrlInvokeCommandInfoA=record
    dwcbSize,
    dwFlags: DWORD; //Bit field of IURL_INVOKECOMMAND_FLAGS
    hwndParent: HWND; //Parent window.Valid only if IURL_INVOKECOMMAND_FL_ALLOW_UI is set.
    pcszVerb: LPCSTR; //Verb to invoke.Ignored if IURL_INVOKECOMMAND_FL_USE_DEFAULT_VERB is set.
  end;

  PUrlInvokeCommandInfoW=^TUrlInvokeCommandInfoW;
  TUrlInvokeCommandInfoW=record
    dwcbSize,
    dwFlags: DWORD;
    hwndParent: HWND;
    pcszVerb: LPCWSTR;
  end;

  IUniformResourceLocatorA=interface(IUnknown)
    [SID_IUniformResourceLocatorA]
    function SetURL(pcszURL: LPCSTR; dwInFlags: DWORD): HRESULT; stdcall ;
    function GetURL(ppszURL: LPSTR): HRESULT; stdcall;
    function InvokeCommand(purlici: PUrlInvokeCommandInfoA): HRESULT; stdcall; 

  end;

  IUniformResourceLocatorW=interface(IUnknown)
    [SID_IUniformResourceLocatorW]
    function SetURL(pcszURL: LPCWSTR; dwInFlags: DWORD): HRESULT; stdcall ;
    function GetURL(ppszURL: LPWSTR): HRESULT; stdcall;
    function InvokeCommand(purlici: PUrlInvokeCommandInfoW): HRESULT; stdcall;
  end;

function SetURL(sFile, sUrl: Widestring): Integer;
const
  CLSID_InternetShortCut: TGUID=SID_InternetShortcut;
var
  oUrl: IUniformResourceLocatorW;
  oFile: IPersistFile;
  hFile: THandle;
begin
  //First, the existing file's content should be emptied
  hFile:=CreateFileW(PWideChar(sFile), GENERIC_WRITE, 0, nil, OPEN_EXISTING, 0, 0) ;
  if hFile=INVALID_HANDLE_VALUE then begin
    result:=1; //File might not exist, sharing violation, etc.
    exit;
  end;

  //Initial file pointer is at position 0
  if not SetEndOfFile(hFile) then begin
    result:=2; //Missing permissions, etc.
    CloseHandle(hFile);
    exit;
  end;

  //Gracefully end accessing the file
  if not CloseHandle(hFile) then begin
    result:=3; //File system crashed, etc.
    exit;
  end;

  //Using COM to access properties
  result:=0;
  try
    oUrl:=CreateComObject(CLSID_InternetShortCut) as IUniformResourceLocatorW;
  except
    result:=4; //CLSID unsupported, COM not available, etc.
  end;
  if result<> 0 then exit;

  //Opening the file again
  oFile:=oUrl as IPersistFile;
  if oFile.Load(PWideChar(sFile), STGM_READWRITE)<> S_OK then begin
    result:=5; //Sharing violations, access permissions, etc.
    exit;
  end;

  //Set the property as per interface-only saving the file is not enough
  if oUrl.SetURL(PWideChar(sUrl), 0)<> S_OK then begin
    result:=6;
    exit;
  end;

  //Storing the file's new content-setting only the property is not enough
  if oFile.Save(PWideChar(sFile), TRUE)<> S_OK then begin
    result:=7;
    exit;
  end;

  //Success!
  result:=0;
end;

According to my desktop firewall, the executor modifies explorer.exeonMemoryIPersistFile.Save()-URL archives should reflect their new content after execution, while previous ones Any attempt should still work on the contents of the old archive.