Yes, this is supported on Windows SBS 2011 Essentials. You'll need to install the Windows 7 Pro Pack Add-in. Take a look at this TechNet blog post:
With folder redirection the Pro Pack helps small businesses protect
the data stored on their client computers. Folder redirection is
designed to allow users to continue working in the same way saving
their data in real time on their client computer, but reduces the risk
of data loss by having the most important data on a particular
computer automatically redirected, stored and protected on the server
(when on the local domain). This way, even if the client computer is
lost or suffers critical damage, is it still possible to access the
latest set of data on the server when the client has not been backed
up recently. Best of all, when users edit local data when away from
the network, any small business can ensure that when the PC is back on
the local network, updated information is immediately replicated to
the server and protected.
Also take a look at some of the documentation:
Understanding and using Server Folders for centralized storage
The following table lists the Server Folders that are created by
default when you install Windows SBS 2011 Essentials.
Server Folder name: Users
Description: Used to store and access files by network users.
A
user specific folder is automatically generated in this Users server
folder for every network user account that you create.
How do I manage folders in the user’s shared folder?
By default, when a user is created, a sub folder is created for the
user under the user folder. The sub-folder can be accessed only by the
user or the administrator from a network computer. Since the
permissions are set for each sub-folder under users, there are no
general access permissions for the top-level user folder
And since it seems you missed the TechNet documentation, here's a link to more information you should be reading:
Windows Small Business Server 2011 Essentials Online Help for Administrators