Microsoft have made available OneDrive Files On-Demand to Windows Insiders. The placeholder replacement system was announced at Build last month and works with the latest fast ring Windows Insider build (16215) for Windows 10. All you have to do is download the installer and then it enables you to have visibility of all your OneDrive folders without having to actually download the files just as you could in Windows 8.1.
There is a visual indication to show what status the files and folders are in. A green tick for synced locally and a cloud for files and folders stored in the cloud.
I have been playing with the new system and it seems to work well, you can choose to have all you OneDrive content visible or just selected folders. It also seems to sync quickly and reliably, well so far anyway.
You can try it yourself if you have Windows 10 build 16215.