This has bit me twice in the past month. I have two client Oracle installations that were originally setup and someone created a link and assigned the linked path to the ORACLE_HOME. This caused major issues when trying to setup dbconsole. To be explicit.
The hard path to the oracle software is /u01/app/oracle/oracle/product/10.2.0/db_1
The path with the link was /u01/app/oracle/product/10.2.0/db_1
Notice the repeated oracle/ in the hard path?
The emca dbconsole setup process was totally confused by this. In some cases it reported success but anything that required database access failed to run. In my case the SYSMAN schema (where the repository gets created) was not created. I'm told this is because emca is connecting without the listener and a comparison is done on the environment of the shell of emca against the environment when oracle was installed. If the environment (namely the ORACLE_HOME) is different emca runs into problems. This would be a lot easier to deal with if emca indicating what the problem is, but in some cases it actually reports success.
So, the point is here that using links in your ORACLE_HOME path is really something to be avoided.