Summary of the new feature/enhancement
Here's what I have to do now:
"`e]8;;http://example.com`e`\This is a link`e]8;;`e`\"
Gives me:

Proposed technical implementation details (optional)
$PSStyle.FormatHyperlink("This is a link", "http://example.com")
Returns:
"`e]8;;http://example.com`e`\This is a link`e]8;;`e`\"
Keep in mind that this should still work in ConstrainedLanguage mode.
Summary of the new feature/enhancement
Here's what I have to do now:
"`e]8;;http://example.com`e`\This is a link`e]8;;`e`\"Gives me:
Proposed technical implementation details (optional)
Returns:
"`e]8;;http://example.com`e`\This is a link`e]8;;`e`\"Keep in mind that this should still work in
ConstrainedLanguagemode.