How do OneNote Shortcuts / Files Work?

For a while now I noticed that OneNote works a bit like ‘magic’, and I’d like to understand how it actually works. Specifically: when I create a note somewhere in SkyDrive in the OneNote Desktop programme, it creates a Shortcut in that directory. When I open that Shortcut, it opens a web page that displays something resembling directories (in the web view only – the directories are not displayed in Explorer), but moving one root up allows opening the same Shortcut in the web view so as to see the Note I created in the web version of OneNote.

When I look at the the Shortcut itself, it’s listed as taking up 0 bytes, and it’s not like there are any files nearby visible that would contain the text and/or images of the Note.

So how do these Notes and their respective Shortcuts work? Where do they really point, and how/where is the data really stored in the drive?